Equitable Survey Finds Majority of Working Americans Regret Benefits Selections During Open Enrollment
Equitable's survey of over 1,000 consumers reveals 53% of Americans regret their workplace benefits choices during last year's open enrollment. Top reasons include failing to adjust benefits for lifestyle changes (25%), missing deadlines (20%), and not understanding options (19%). Workers spent an average of 30-60 minutes selecting benefits, compared to two hours daily on social media.
Notably, 24% of workers use social media for benefits education, with higher percentages among Gen Z (43%) and millennials (37%). The survey also found a knowledge gap regarding voluntary benefits, with 60% of Americans struggling to cover unexpected hospital stay costs.
Employers play a important role in benefits education, with 53% of employees relying on employer-provided materials. Additionally, 35% of workers, particularly younger generations, turn to financial professionals for guidance during open enrollment.
Il sondaggio di Equitable su oltre 1.000 consumatori rivela che il 53% degli americani si pente delle scelte fatte sui benefici lavorativi durante l'apertura delle iscrizioni dello scorso anno. Le principali ragioni includono la mancata adeguamento dei benefici ai cambiamenti nello stile di vita (25%), il non rispettare le scadenze (20%) e la scarsa comprensione delle opzioni disponibili (19%). I lavoratori hanno impiegato in media 30-60 minuti per selezionare i benefici, rispetto a due ore al giorno sui social media.
È interessante notare che il 24% dei lavoratori utilizza i social media per informarsi sui benefici, percentuale che aumenta tra la Gen Z (43%) e i millennials (37%). Il sondaggio ha anche evidenziato un divario di conoscenza riguardo ai benefici volontari, con il 60% degli americani che fatica a coprire i costi di un'improvvisa degenza ospedaliera.
I datori di lavoro giocano un ruolo importante nell'educazione sui benefici, con il 53% dei dipendenti che si affida ai materiali forniti dai datori di lavoro. Inoltre, il 35% dei lavoratori, in particolare le generazioni più giovani, si rivolge a professionisti finanziari per ricevere consigli durante l'apertura delle iscrizioni.
La encuesta de Equitable a más de 1,000 consumidores revela que el 53% de los estadounidenses se arrepiente de sus elecciones de beneficios laborales durante la última apertura de inscripciones. Las principales razones incluyen no ajustar los beneficios a los cambios en el estilo de vida (25%), perder plazos (20%) y no entender las opciones disponibles (19%). Los trabajadores pasaron un promedio de 30-60 minutos seleccionando beneficios, en comparación con dos horas diarias en redes sociales.
Notablemente, el 24% de los trabajadores utiliza redes sociales para la educación sobre beneficios, siendo mayores los porcentajes entre la Gen Z (43%) y los millennials (37%). La encuesta también encontró una brecha de conocimiento sobre beneficios voluntarios, con el 60% de los estadounidenses luchando por cubrir costos inesperados de una estancia hospitalaria.
Los empleadores juegan un papel importante en la educación sobre beneficios, con el 53% de los empleados dependiendo de materiales proporcionados por el empleador. Además, el 35% de los trabajadores, en particular las generaciones más jóvenes, recurren a profesionales financieros para recibir orientación durante la apertura de inscripciones.
Equitable의 1,000명 이상의 소비자를 대상으로 한 조사에 따르면, 53%의 미국인들이 지난해 오픈 등록 기간 동안 직장 복지 선택에 대해 후회하고 있다고 합니다. 주요 원인은 라이프스타일 변화에 맞게 복지를 조정하지 못한 경우(25%), 마감일을 놓친 경우(20%), 옵션을 이해하지 못한 경우(19%)입니다. 근로자들은 복지를 선택하는 데 평균 30-60분을 소비했, 반면 소셜 미디어에는 하루에 두 시간을 소비했습니다.
특히, 근로자의 24%가 복지 교육을 위해 소셜 미디어를 사용하며, Gen Z(43%)와 밀레니얼 세대(37%)에서는 그 비율이 더 높습니다. 또한, 이번 조사에서는 자발적 복지에 대한 인식 차이가 발견되었으며, 60%의 미국인이 예상치 못한 병원 체류 비용을 충당하는 데 어려움을 겪고 있습니다.
고용주는 복지 교육에 중요한 역할을 한다고 하며, 53%의 직원이 고용주가 제공하는 자료에 의존하고 있습니다. 또한, 35%의 근로자가 특히 젊은 세대는 오픈 등록 기간 동안 재정 전문가에게 조언을 받기 위해 찾습니다.
Le sondage d'Equitable auprès de plus de 1 000 consommateurs révèle que 53 % des Américains regrettent leurs choix de prestations au travail lors de la dernière période d'inscription ouverte. Les principales raisons sont le non-ajustement des prestations aux changements de mode de vie (25 %), le non-respect des délais (20 %) et le manque de compréhension des options (19 %). Les travailleurs ont passé en moyenne 30 à 60 minutes à sélectionner des prestations, par rapport à deux heures par jour sur les réseaux sociaux.
Notamment, 24 % des travailleurs utilisent les réseaux sociaux pour se former sur les prestations, avec un pourcentage plus élevé chez la Génération Z (43 %) et les millennials (37 %). L'enquête a également découvert un manque de connaissance concernant les prestations volontaires, 60 % des Américains ayant du mal à couvrir les coûts d'un séjour hospitalier imprévu.
Les employeurs jouent un rôle important dans l'éducation aux prestations, 53 % des employés s'appuyant sur les documents fournis par l'employeur. De plus, 35 % des travailleurs, en particulier les jeunes générations, se tournent vers des professionnels financiers pour obtenir des conseils pendant la période d'inscription ouverte.
Die Umfrage von Equitable unter über 1.000 Verbrauchern zeigt, dass 53% der Amerikaner bedauern, welche Arbeitsplatzleistungen sie gewählt haben während der offenen Anmeldung im vergangenen Jahr. Die häufigsten Gründe sind, dass sie ihre Leistungen nicht an Lebensstiländerungen angepasst haben (25%), Fristen verpasst haben (20%) und die Optionen nicht verstanden haben (19%). Arbeitnehmer benötigten im Durchschnitt 30-60 Minuten, um ihre Leistungen auszuwählen, im Vergleich zu täglich zwei Stunden in sozialen Medien.
Bemerkenswert ist, dass 24% der Arbeiter soziale Medien zur Bildung über Leistungen nutzen, wobei die Prozentsätze unter der Generation Z (43%) und den Millennials (37%) höher sind. Die Umfrage ergab auch eine Wissenslücke in Bezug auf freiwillige Leistungen, da 60% der Amerikaner Schwierigkeiten haben, unerwartete Kosten für Krankenhausaufenthalte zu decken.
Arbeitgeber spielen eine wichtige Rolle in der Bildung zu Leistungen, da 53% der Mitarbeiter auf vom Arbeitgeber bereitgestellte Materialien angewiesen sind. Darüber hinaus suchen 35% der Arbeiter, insbesondere jüngere Generationen, während der offenen Anmeldung Hilfe bei Finanzprofis.
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Four in 10 millennials and Gen Zers turn to social media for education on workplace benefits
Equitable’s survey revealed that more than half of Americans (
The survey also uncovered that the average amount of time workers spent selecting their benefits during open enrollment last year was 30 to 60 minutes. Typically, open enrollment is a two-week window at most workplaces. For comparison, the average American spends approximately two hours on social media every day.1
Interestingly, more American workers are turning to social media for education on their workplace benefits, which could impact how employers and benefits providers help prepare employees for open enrollment in the future. The survey found that nearly one in four (
"Our research suggests that many American workers are second-guessing their benefits selections,” said Stephanie Shields, Head of Equitable’s Employee Benefits business. "With open enrollment approaching for millions of households this fall, it's critical that workers review and understand their benefit options, stay mindful of deadlines and consider how recent life changes might influence their benefit choices. Also, if workers need help, they should ask their employer's benefits teams or consult a financial professional, who may be able to address general questions and provide some level of guidance."
Equitable’s survey also found that most employees have a knowledge gap regarding voluntary benefits, which are supplemental health solutions that can help pay for out-of-pocket expenses not covered by major medical and other insurance. As Americans increase their understanding of voluntary benefits, many begin to see their value. For example, the survey found that nearly six in 10 respondents indicated they were not confident in their understanding of hospital indemnity insurance. However, once they learned more about the supplemental health benefit,
The survey also revealed that
The survey results also reinforce the central role that employers play in helping their employees learn and understand their workplace benefits. More than half of employees (
When it comes to guidance, more than one-third (
“Employee benefits play an important role in the financial lives of American workers and their families by protecting their savings from unexpected health events that could otherwise cause financial strain,” explained Shields. “While most workers rely on their employers for help during open enrollment, it is encouraging to see that younger generations are open to guidance from financial professionals on how workplace benefits fit into a holistic financial plan.”
About the survey:
The survey was conducted by an independent, global consumer and B2B panel provider. Respondents include 1,000
About Equitable:
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 3 million clients across the country. Please visit equitable.com for more information.
Reference to the 1859 founding applies specifically and exclusively to Equitable Financial Life Insurance Company (NY, NY).
GE-7064887.1 (10/24) (exp.10/26)
1 Backlinko, 2024. Accessed from Forbes Advisor, “Top Social Media Statistics And Trends Of 2024.”
2 KFF (formerly known as Kaiser Family Foundation), 2021.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015329395/en/
Media Contact:
Monique Freeman
(212) 314-2010
mediarelations@equitable.com
Source: Equitable
FAQ
What percentage of Americans regret their benefits choices during open enrollment according to Equitable's survey?
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