A recent survey by the financial services company highlights key financial trends shaping how Americans engage with their workplace benefits:

When respondents were asked how they would pay for a costly and unplanned medical bill, 48% said they would set up a payment plan, 31% would use general savings, 28% would rely on credit cards and 12% would make a hardship withdrawal from their retirement account.
Younger generations are embracing less-traditional digital tools. More than two-thirds of Gen Z use platforms such as TikTok, Instagram or YouTube for benefits information. While millennials lead all age groups in their use of AI, with 30% using these tools for benefits guidance.
Despite 80% of respondents saying it’s important to have a financial advisor when selecting and managing benefits, only 20% actually consult one during open enrollment. Those who do report feeling more confident in their choices.
Voluntary benefits remain misunderstood by many workers. Although more than 40% of employees lack confidence in their understanding of these benefits, once informed, more than 80% said they consider them highly valuable.
Three-quarters of small-business owners believe offering voluntary benefits sends a clear message of care and commitment. However, nearly 4 in 10 cited low employee participation as a key barrier to offering or expanding voluntary benefits. Additionally, more than a quarter of respondents said they struggle to understand the solutions themselves, often finding them overly complex.

“Voluntary benefits are no longer just a check-box option --- they’re a competitive advantage,” Shields said. “As small to mid-sized businesses look to attract and retain top talent, it’s essential they understand the strategic value of these cost-effective solutions. With the right support from benefits providers and brokers, employers can improve education, tailor communications and drive meaningful utilization, ultimately helping employees protect their financial well-being and helping small businesses stand out in today’s competitive job market.”

Instant Insights /

80% of Americans fear medical bills could derail their financial goals

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