(BPT) - New Empower research explores the annual process and what matters most to American workers
Over half of Americans (53%) report that cost is the primary driver for choosing benefits during open enrollment, and 35% of Millennials (27% of people overall) enroll in the least expensive option regardless of what the plans offer, according to research from Empower, a leader in financial planning, investing and advice.
Some 41% say they would have made different benefit elections if they had a better understanding of the options. Less than half of younger generations know where to find the information and details needed to make decisions about their benefits (44% of Gen Zers, 50% of Millennials). Fewer than 2 in 5 (38%) Americans feel that the open enrollment process is easy and user-friendly, and 37% admit to feeling overwhelmed when it comes to selecting benefits.
Beyond healthcare (70%), dental (53%) and vision plans (45%), Americans rank access to retirement plans (45%) and financial advice (24% overall, 42% Gen Z) among the most important employer benefits.
“Our study shows that Gen Zers are especially craving financial advice, and it tops their wish list of workplace benefits,” says Rebecca Rickert, head of communications at Empower. “From a retirement plan to financial coaching, plus concrete safeguards like an emergency savings account, people highly value benefits that directly support their financial happiness.”
Americans have ideas for how to make the open enrollment process better. Nearly half (48%), including 60% of Baby Boomers and 53% of Gen Xers, would like to see a side-by-side comparison of plans and benefits, a clear explanation of pricing differences among plans (46%), and better pricing on plan options (44%). One in five (21%) say a longer enrollment period would improve the process.
More findings:
About the study
The Empower “Open Enrollment” study is based on online survey responses from 1,237 Americans ages 18+ fielded by YouGov from September 27-30, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).
RO3931714-1024