Only thing working Americans find more confusing than how much to save for retirement is understanding teenage lingo, new Voya survey finds

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) is releasing findings from a new consumer research survey revealing that, when it comes to knowing how much to save for retirement, working Americans consider the task almost as challenging as understanding teenage “slang” phrases often used by today’s youth. Specifically, Voya’s research found, among benefits-eligible workers, nearly one-third find knowing how much to save for retirement (29%) almost as confusing as teenage slang (32%). Knowing how a health savings account (HSA) works (22%), employee benefits guides (9%) and new phone software updates and features (8%) are also ranked among those items considered most confusing.

Amid challenges of knowing how much to save, Voya’s survey also revealed many Americans believe the economy (61%) and inflation (60%) will have a severe or major impact on their ability to save for retirement. Additionally, nearly half (49%) of Americans “strongly agree” or “agree” their retirement plan savings are the only significant emergency savings they have — an increase from 43% in January 2023 — underscoring a need for ongoing guidance and support to prepare for and protect their retirement savings.

“While many employers continue to evolve their workplace benefits and savings offerings, when it comes to optimizing savings, our data show a clear need for support, and employers can play a critical role in helping their workforce,” said Kerry Sette, VP, head of Consumer Insights & Research at Voya Financial. “And, when thinking about the current cost of living, workers are keen to maximize the value of their workplace benefits and savings solutions; the survey found 60% are actively trying to get the most value from their 401(k) contributions and employer matching, HSA contributions (28%) and voluntary and supplemental health insurance benefits (21%). By focusing on the holistic needs of employees, employers can underscore the investment they are making in their workforce and support individuals’ long-term savings goals.”

A need for guidance and support

Voya’s research also found seeking support is critical. The survey showed 83% of full- and part-time workers consider receiving guidance for how to optimize their retirement savings and workplace benefits to be “extremely important” or “important,” which is not surprising, as fewer workers also agreed they kept their benefits coverages the same as last year (64% compared with 72% in January 2024). Additionally, after the most recent open enrollment period, three-quarters (75%) of benefits-eligible workers expressed interest in support and guidance tools to help them understand how much to set aside for retirement, emergency savings and health care expenses.

“It’s important for employees to understand how their workplace benefits and savings solutions can work together to support their future financial goals, but many individuals may not realize the potential support their broader workplace benefits can provide for their retirement savings,” Sette added. “Many employers today offer a comprehensive suite of workplace benefits and savings solutions — such as retirement planning assistance, HSAs and financial wellness programs — providing valuable resources and tools to help employees manage their finances more effectively.”

The value of voluntary benefits

According to Voya’s research, 61% of benefits-eligible workers “strongly agree” or “agree” to taking advantage of the voluntary benefits options (critical illness, hospital indemnity, disability and accident insurance) offered by their employer during their most recent workplace open enrollment. Additionally, 55% “strongly agree” or “agree” they spent more time reviewing their voluntary benefits options than they did during their last enrollment period. Furthermore, 61% of benefits-eligible workers “strongly agree” or “agree” they are more confident in their financial security due to the voluntary benefits they enrolled in. These types of voluntary insurance products and solutions, including permanent life insurance and long-term care benefits, can lessen the financial impact of a covered event such as an illness or the death of a loved one.

Voya continues to offer online digital solutions, guidance tools and easy-to-use educational resources to help employers and employees gain a more holistic view of their workplace benefits and savings needs. The company continues to invest in its suite of solutions, with more products and resources set to roll out in 2025.

As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to its purpose of, together, fighting for everyone’s opportunity for a better financial future.

Voya Financial Consumer Insights & Research survey conducted Jan. 21-22, 2025, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 461 working full-time/part-time and 323 who are benefits eligible.

About Voya Financial®

Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with approximately 10,000 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 approximately 15.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with approximately 11.9 million employees in the U.S. 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 Ethisphere; 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.

Products and services offered through the Voya® family of companies.

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