As inflation talks temper, a majority of working Americans worry their workplace benefits will cost more during open enrollment, Voya survey says
- Employees prioritize mental health benefits and resources, with 48% willing to pay more for them.
- Voya has launched myVoyage, a personalized financial-guidance and workplace-benefits platform, and expanded its critical illness and accident insurance solutions to include mental health coverage.
- None.
As a result, research shows
Data also reveals growing interest in mental health support as
“As the economy continues to work to recover from the financial impacts of both the pandemic and the added layer of inflationary costs, it’s clear that many individuals are still feeling the financial strains,” said Rob Grubka, CEO of Workplace Solutions for Voya Financial. “With our research also revealing that
Finances and mental health go hand in hand
Voya’s research also revealed that more than half (
“While traditional benefits like medical and dental insurance remain top of mind for many employers and employees, it’s clear that both financial and mental health needs are now equally important components of a comprehensive benefits package,” added Grubka. “And this can have implications for both employers and employees — not only did our research find that
While benefit selection confidence remains high, support and guidance remain critical
When it comes time to selecting benefits during open enrollment, Voya has seen that inertia can often play a big role for employees in making benefits changes, where many individuals have the tendency to select the benefits they enrolled in previously. The good news is that today’s environment is encouraging employees to take a more thoughtful approach, particularly given the overall financial concerns impacting consumers. As a result, a majority (
In response — and to help employers and employees gain more holistic views into their workplace benefits and savings — Voya recently launched myVoyage, a new and first-of-its-kind personalized financial-guidance and connected workplace-benefits digital platform. In addition to a focus on digital resources, and to support the growing employee expectations that employers provide mental health resources, Voya has also recently expanded its critical illness and accident insurance solutions, offering new benefits and coverage to focus on mental health.
As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.
All data based on the results of a Voya Financial Consumer Insights & Research survey conducted June 12-13, 2023, on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with 7,200 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Instagram.
Voya Financial and its affiliated companies (collectively, “Voya”) is making available to you the Personalized Enrollment Guidance tool offered by SAVVI Financial LLC. (“SAVVI”). Voya has a financial ownership interest in and business relationships with SAVVI that create an incentive for Voya to promote SAVVI’s products and services and for SAVVI to promote Voya’s products and services. Please access and read SAVVI’s Firm Brochure which is available at this link: https://www.savvifi.com/legal/form-adv. It contains general information about SAVVI’s business, including conflicts of interest.
Insurance products are issued by ReliaStar Life Insurance Company (
About Ipsos
Ipsos is the world’s third largest market research company, present in 90 markets and employing more than 18,000 people. Our passionately curious research professionals, analysts and scientists have built unique multispecialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions. Founded in
Ipsos is a separate entity and not a corporate affiliate of Voya Financial®.
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Media Contact:
Laura Maulucci
Voya Financial
(508) 353-6913
Laura.Maulucci@voya.com
Source: Voya Financial, Inc.