American Workers Spending Less Time Reviewing Workplace Benefits

Three in four 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.

A Voya study reveals that in 2024, 49% of employed, benefits-eligible Americans reported spending less than 20 minutes reviewing workplace benefits information overall—a 7% increase from 2023.

Voya’s Dena Faccio, senior vice president of total rewards, pointed to a statistic, reported by Schroders, that she summarizes as “employees spend[ing] more time thinking about what they want to watch on Netflix than they do … making choices around planning and investing for their futures.”

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Age seems to correspond with time spent reviewing benefits. Generation Z employees, ages 14 to 30, and Generation X employees, ages 45 to 60, are significantly more likely to spend less time reviewing their workplace benefits compared to Baby Boomers, who fall between the ages of 61 and 79.

Millennial employees, ages 31 to 44, however, are outliers to the trend. While 8% more Millennials spent less than 20 minutes reviewing their benefits in 2024 than in 2023, only 48% spent less than 20 minutes reviewing, compared to 53% of Gen X that did so.

The greatest gap in review time comes between Gen Z and Boomers. Sixty percent of Gen Z spent 20 minutes or less reviewing their benefits in 2024, compared to 34% of Boomers who did the same.

Guidance and Support

After the most recent open enrollment period, 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.

Voya also found that 83% of full- and part-time workers consider receiving guidance on how to optimize their retirement savings to be extremely important or important. In turn, only 64% agreed they kept their benefits coverage the same as the prior year, down from 72% a year earlier.

Faccio highlighted, as an example, the importance of making sure participants who elect high-deductible plans enroll in health savings accounts. Last fall, the firm found only 3% of all respondents understood the full benefits of an HSA. Among participants that had an HSA, full-benefits knowledge was only slightly higher at 4%.

“Are we communicating about what’s new, what’s different, and what actions are needed?” Faccio asked. “It’s so important that we’re talking holistically.”

Valuing the Voluntary

According to Voya’s research, 61% of benefits-eligible workers strongly agree or agree they took advantage of voluntary benefit options their employer offered during their most recent open enrollment. The same percentage said they were more confident in their financial security because of the voluntary benefits they chose.

Voluntary products can include permanent life insurance and long-term care benefits, which extend beyond an employee’s time with the employer, among other solutions. Such benefits may lessen the financial burden of a covered event, such as an illness or the death of a loved one.

Additionally, 55% of benefits-eligible workers strongly agree or agree they spent more time reviewing those voluntary benefit options than they did during their last open enrollment period. Despite a general decrease in the time plan participants spent reviewing benefits overall, Voya’s research indicates participants are tuned in to the voluntary offerings.

Plan Sponsors Interested in Plan Designs and Programs that Enhance Participant Wellness

Despite most plan sponsors feeling  a strong responsibility for employees’ financial well-being, programs such as emergency savings, student loan repayment assistance and management assistance remain under-implemented, according to J.P. Morgan.

Plan sponsors are interested in plan designs based on several key provisions of the SECURE 2.0 Act of 2022; expanding financial wellness initiatives; and developing innovative retirement income decumulation strategies, J.P. Morgan Asset Management found in its 2025 “Defined Contribution  Plan Sponsor Survey.”

However, plan sponsors eager to promote others’ well-being are not without room for improvement of their own. Some 53% of plan sponsors responding to the survey do not realize they are plan fiduciaries—despite each of them having legal obligations as such. This marks a decline from an already troubling 55% in 2023 and 57% in 2015 who did not realize their fiduciary status.

SECURE 2.0 Drives New Design Adoption

J.P. Morgan’s research found that several key provisions of the SECURE 2.0 Act of 2022 appeal to plan sponsors—suggesting the legislation could drive new innovations in plan design.

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Seventy-eight percent of plan sponsors found making available a Roth plan—where employees can save after-tax money that will be tax-free upon withdrawal—appealing. Twenty-one percent found the new feature somewhat appealing, leaving only 3% who find it unappealing.

Following a similar trend, 89% of participants found it appealing to add plan options that provide participants guaranteed income each month in retirement. Eighty-four percent and 74%, respectively, found appealing the ability to offer emergency savings accounts that can be accessed anytime, and matching contributions to the retirement plan of a participant’s qualified student loan repayments.

Commitment to Wellness

Eighty-three percent of plan sponsors feel a strong responsibility for employees’ financial well-being, up from 73% in 2015. Sixty-five percent of respondents say employee benefits are more valued now than they were five years ago. In turn, more than 80% either offer or are considering offering a financial wellness program as part of their broader benefits strategies.

“The findings emphasize the important role of financial wellness programs in boosting employee productivity and engagement,” said Alyson Frost, head of retirement insights, in a statement. “Plan sponsors are committed to providing the necessary tools and education for long-term financial security, and we anticipate further adoption of innovative strategies to meet the diverse needs of today’s workforce.”

J.P. Morgan found that plan sponsors’ commitment to their employees’ financial wellness leaves room for improvement. Programs such as emergency savings, student loan repayment assistance and management assistance, for instance, remain under-implemented—especially among smaller employers.

The research shows that employers’ satisfaction with their plans’ participant engagement and communications efforts pale as well. Only 45% are highly satisfied in these areas or are confident that their programs have meaningfully improved participant engagement.

“Our survey highlights the importance for plan sponsors to refine their offerings by embracing thoughtful design and making strategic investments, which can greatly enhance participants’ retirement readiness,” said Meghan Conklin, vice president of retirement insights at J.P. Morgan Asset Management, in a statement. “Understanding how regulatory advancements, such as SECURE 2.0, can be leveraged effectively in plan design is crucial, ensuring that options not only complement but also adapt to a more modern workforce.”

Generational Perspectives

J.P. Morgan’s Defined Contribution Plan Sponsor Survey also highlights how generational differences within workforces can influence the way plan sponsors respond to their employees’ financial wellness needs.

Notably, only 22% of plan sponsors with a significant Generation X employee base—defined as those born between 1965 and 1980—express strong confidence that their employees are saving adequately for retirement. This emphasizes the need for targeted strategies to help Gen X achieve a comfortable, upcoming retirement.

Plan sponsors with younger workforces tend to express greater confidence in participant saving behaviors, as well as stronger interest in offering enhanced financial wellness benefits like student loan support and emergency savings programs. Fifty-two percent of employers with a notable population from Generation Z—meaning those born between 1997 and 2012—reported offering a financial wellness program, compared to 42% employers with highly Gen X-concentrated workplaces.

Dissimilarly, plan sponsors with heavy concentrations from GenX are more likely than those with younger workers to report that their employees are experiencing increased financial pressures. These plan sponsors believe their organizations should be doing more to help, yet they are less likely to offer financial wellness programs.

J.P.Morgan Asset Management, in partnership with Greenwald Research, surveyed 750 plan sponsors from January 7 to 31.

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