(ASPPA) - PRACTICE MANAGEMENT
Inflation worries and realities are weighing on lots of decisions of late—and a new survey suggests it will carry over into benefit decisions.
That new survey from Voya Financial, Inc. found that, specifically, due to inflation, the majority of employed individuals (70%) agree they plan to spend more time reviewing their benefit selections during open enrollment to help make the most of their benefit dollars. Voya’s new survey reveals that nearly three-quarters of Americans (74%) agree that inflation has made them more stressed about their personal financial situation, which is up from 66% in March of this year.
Perhaps not surprisingly the new survey also revealed that 7 in 10 employed Americans (70%) are interested in receiving support to help optimize their benefits dollars across retirement savings, health-care insurance, health savings accounts (HSAs) and voluntary benefits like critical illness, hospital indemnity, disability income or accident insurance.
Asked what concerned them the most, almost 9 in 10 surveyed Americans (88%) said it was the various impacts of inflation — such as the rising cost of food and groceries (38%), rising gas prices (35%) and the rising cost of housing (15%). Interestingly, the rising cost of health care ranked fourth on this list of top concerns (9%), followed by the rising cost of streaming and TV services (3%).
The survey was conducted June 17-21, 2022, on the Ipsos eNation omnibus online platform among 1,005 adults, featuring 495 working Americans aged 18+ in the U.S.
By ASPPA Net Staff
September 14, 2022
