While the name of the game in employee perks nowadays is flexibility, employees are searching for other perks, too. In particular, many workers are now planning to take advantage of voluntary benefits like critical illness, hospital indemnity, disability income, and accident insurance. New research from Voya, a financial services company, looks at how consumer opinion on voluntary benefits have changed in the past year. It finds that a full 63% of American workers say they’re likely to participate in voluntary benefits from their employer. That represents a significant increase from November 2021, when the figure sat at only 45%. 

The research is based on a survey conducted in October of 2022 of more than a thousand U.S. adults. It shows that not all demographics are equally likely to use voluntary benefits. Baby boomers have the lowest anticipated utilization rate of all generational groups, with only 22% of them saying they’d likely use voluntary benefits – a figure that was largely unchanged from Voya’s November 2021 data. Gen Z sees a slight decrease in their interest in voluntary benefits, with 49% now planning to take advantage of these perks compared to 56% of workers last year.

However, for both Gen X and Millennials, there is a significant spike in interest in voluntary benefits. Some 50% of Gen X workers now plan to use these services, compared to 40% of workers in November 2021. Likewise, while less than half of Millennials said they were likely to use voluntary benefits a year ago, some 64% now say they’re likely to do so.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.