63% of Americans say financial stability directly impacts mental health, up from 57% in 2023^1,2

Voya Financial, Inc. (NYSE: VOYA) today released new insights revealing that employees increasingly view workplace benefits decisions as essential to their financial and emotional well-being. The findings come as employers and employees prepare for the upcoming annual enrollment season — a period when workers can review, select or make changes to their employer-sponsored benefits such as health insurance, retirement plans and voluntary offerings.

According to Voya’s latest research, 63% of Americans “strongly agree” or “agree” that their financial stability directly impacts their mental health, a significant increase from 57% just two years ago.^1,2 This growing connection between financial wellness and emotional well-being underscores the importance of thoughtful benefits selection and year-round support.

“These findings reinforce what we’ve long believed: Benefits are not just transactional — they’re transformational for workforce morale and productivity,” said Andrew Stocker, president, Employee Benefits at Voya Financial. “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.”

Employees increasingly look to workplace benefits amid economic unease

As economic pressures persist, employees are becoming more intentional about their benefits choices. Voya’s research shows that 77% of employed Americans “strongly agree” or “somewhat agree” that they plan to spend more time reviewing their benefit elections during annual enrollment to maximize their benefit dollars because of the current state of the economy — significantly up from 69% last year.^1,3

This shift 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 employees (49%) say that personalized benefit recommendations would increase their confidence in making benefits decisions. This is followed closely by interactive calculators (39%) and one-on-one support from HR or benefits teams (38%).⁴ These preferences highlight the need for a multi-channel 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,” added Stocker. “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 well-being.”

Strong demand for personalized guidance in pursuit of financial confidence and retirement preparedness

Voya’s research also found that only 55% of Americans say they feel “very” or “somewhat” prepared for retirement.¹ 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 “very” or “somewhat” prepared for retirement 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, 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.”

1. Voya Financial Consumer Insights & Research survey conducted Aug. 5-6, 2025, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 496 working full time/part time.
2. Voya Financial Consumer Insights & Research survey conducted June 12-13, 2023, on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S., featuring 483 Americans working full-time or part-time.
3. Voya Financial Consumer Insights & Research survey conducted August 8-9, 2024, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 440 Americans working full-time or part-time.
4. Voya Financial Consumer Insights & Research survey conducted Aug. 5-6, 2025, in partnership with Morning Consult among 427 employed, benefits-eligible Americans aged 18+ in the U.S. working full time/part time.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for approximately 15.7 million individual, workplace and institutional clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

Products and services offered through the Voya® family of companies.

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