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Interest in Voluntary Benefits Up

The majority of workers are opting for extended coverage

NOV 11 – A new Voya survey revealed insights about how Americans have felt about their finances and other workplace benefits since the start of the pandemic. The survey, a compilation of specific questions surrounding voluntary benefits, comes during open enrollment as many American workers are selecting their workplace benefits for the coming year.

The report found that 63% of workers said that they are likely to participate in the voluntary benefits their employer offers. That is up 18% from November 2021 and includes benefits like critical illness, hospital indemnity, disability income, and accident insurance. Those most interested in voluntary benefits (76%) are workers with dependents.

The study also revealed some generational differences, as Millennials were more inclined to participate in voluntary benefits (64%) than Gen X (50%), baby boomers (22%), and Gen Z (49%). Millennial participation saw a 14% increase from November 2021, Gen X increased by 10%, baby boomers remained consistent, and Gen Z interest decreased by 7%, the only group to show a decline.

Overall, 49% of respondents said they are likely stay with their current employer if they offered voluntary benefits.

Tags: Benefits

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