Employees increasingly recognize the connection between financial wellness and emotional wellbeing. Nearly two-thirds of respondents in a recent Voya Financial survey either agree or strongly agree that financial stability directly affects their mental health, up from 57% two years ago.
“These findings reinforce what we’ve long believed,” said Andrew Stocker, president of employee benefits at Voya Financial. “Benefits are not just transactional -- they’re transformational for workforce morale and productivity. When employees feel better prepared for the future through their benefits, they’re more confident, engaged and motivated, which ultimately, can help support a healthier, more resilient organization.”
This growing correlation between financial wellness and emotional wellbeing underscores the importance of thoughtful benefits selection and year-round support. As economic pressures persist, employees are becoming more intentional about their benefits choices.
More than three-quarters of employed Americans “strongly agree” or “somewhat agree” that they plan to spend more time reviewing their elections during annual enrollment this year to maximize their benefit dollars because of the current state of the economy. This increase from 69% a year ago reflects a growing demand for education, personalization and digital tools that help employees make informed decisions across such things as retirement savings, health spending accounts and voluntary benefits.
In addition, nearly half of workers say that personalized benefit recommendations would increase their confidence in making decisions. This is followed closely by interactive calculators (39%) and one-on-one support from HR or benefits teams (38%). These preferences highlight the need for a multichannel approach that blends digital tools with human guidance.
“Effectively communicating how benefits can be used -- and making it easy for employees to understand their value -- is just as critical as the benefits themselves,” Stocker said. “Employers should continually enhance their benefits guidebooks, invest in intuitive administration platforms and empower teams with personalized guidance. These efforts are key to delivering competitive compensation and benefits packages that truly support employee wellbeing.”
Personal interaction also is important for retirement planning. Only 55% of respondents say they feel “very” or “somewhat” prepared for retirement. However, those who receive investment guidance (81% vs. 47%) or have a financial advisor (91% vs. 48%) are nearly twice as likely to report feeling prepared compared to those without such support.
“Wealth management plays a critical role in helping individuals feel confident about their financial future,” said John Brett, president of wealth management at Voya Financial. “By offering personalized guidance and tools that connect everyday benefit decisions to long-term goals, employers can help their workforce make smarter choices that support both their financial wellness and retirement readiness.”
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