Equitable Survey Finds Majority of Working Americans Regret Benefits Selections During Open Enrollment
Four in 10 millennials and Gen Zers turn to social media for education on workplace benefits
Equitable’s survey revealed that more than half of Americans (
The survey also uncovered that the average amount of time workers spent selecting their benefits during open enrollment last year was 30 to 60 minutes. Typically, open enrollment is a two-week window at most workplaces. For comparison, the average American spends approximately two hours on social media every day.1
Interestingly, more American workers are turning to social media for education on their workplace benefits, which could impact how employers and benefits providers help prepare employees for open enrollment in the future. The survey found that nearly one in four (
"Our research suggests that many American workers are second-guessing their benefits selections,” said Stephanie Shields, Head of Equitable’s Employee Benefits business. "With open enrollment approaching for millions of households this fall, it's critical that workers review and understand their benefit options, stay mindful of deadlines and consider how recent life changes might influence their benefit choices. Also, if workers need help, they should ask their employer's benefits teams or consult a financial professional, who may be able to address general questions and provide some level of guidance."
Equitable’s survey also found that most employees have a knowledge gap regarding voluntary benefits, which are supplemental health solutions that can help pay for out-of-pocket expenses not covered by major medical and other insurance. As Americans increase their understanding of voluntary benefits, many begin to see their value. For example, the survey found that nearly six in 10 respondents indicated they were not confident in their understanding of hospital indemnity insurance. However, once they learned more about the supplemental health benefit,
The survey also revealed that
The survey results also reinforce the central role that employers play in helping their employees learn and understand their workplace benefits. More than half of employees (
When it comes to guidance, more than one-third (
“Employee benefits play an important role in the financial lives of American workers and their families by protecting their savings from unexpected health events that could otherwise cause financial strain,” explained Shields. “While most workers rely on their employers for help during open enrollment, it is encouraging to see that younger generations are open to guidance from financial professionals on how workplace benefits fit into a holistic financial plan.”
About the survey:
The survey was conducted by an independent, global consumer and B2B panel provider. Respondents include 1,000
About Equitable:
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 3 million clients across the country. Please visit equitable.com for more information.
Reference to the 1859 founding applies specifically and exclusively to Equitable Financial Life Insurance Company (NY, NY).
GE-7064887.1 (10/24) (exp.10/26)
1 Backlinko, 2024. Accessed from Forbes Advisor, “Top Social Media Statistics And Trends Of 2024.”
2 KFF (formerly known as Kaiser Family Foundation), 2021.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015329395/en/
Media Contact:
Monique Freeman
(212) 314-2010
mediarelations@equitable.com
Source: Equitable