At a Glance | February 7, 2019 Benefits Contribute to Employees' Sense of Financial Security Based on the 2018 Health and Workplace Benefits Survey (WBS) of 1,025 American workers ages 21–64. How much does each benefit contribute to Reported change in Benefits have declined, but your feeling of financial security? benefits offered employees continue to value them. Contributes Contributes Does not 2017 2018 Change a lot a little contribute 83% –6% Of the 12 percent of employees 78% Health insurance 55% 34% 11% accessing voluntary benefits, a majority said they do so because –6% 71% 67% Retirement savings 49% 39% 12% it is less expensive to buy it plan through their employer than 0% Pension or defined 36% 36% 43% 45% 13% on their own. benefit plan –6% 64% Life insurance 60% It is important for plan sponsors 41% 40% 19% to recognize that different 0% Accident insurance workers have different benefit 31% 31% 34% 40% 26% needs. Baby Boomers and 0% Gen Xers are the most stressed Critical illness 34% 40% 26% 20% 20% insurance about saving enough for –6% retirement. Millennials report Cancer insurance 40% 34% 26% 16% 15% that covering monthly bills and debt repayment cause them the –5% Long-term care 37% 35% 30% 38% 32% most financial stress. insurance +10% Supplemental health 23% 34% 42% 23% 21% insurance Reasons for Purchasing Voluntary Benefits Causes of Financial Stress 2017 2018 Change Baby Boomer Gen X Millennial 54% It’s less expensive than buying Saving enough for retirement 43% +20% 61% on my own 51% 27% 16% Payroll deduction makes it easier Paying my monthly bills 33% –4% to buy these products at work 46% 44% 35% 21% I want to protect my family from Having savings in case of 32% +8% an expected expense emergency 40% 29% 37% 28% I want to protect my family if The amount of debt I have 25% –10% something should happen to me 39% 29% 35% 23% I need something to help with A medical issue affecting 14% +35% out-of-pocket medical costs my finances 10% 23% 17% 4% I didn’t think about it much; Repaying student loan(s) 5% +44% it sounded good 24% 13% 9% 4% Affording my children’s college 12% tuition 12% Source: Lisa Greenwald and Paul Fronstin. “The State of Employee Benefits: Findings From the 2018 Health and Workplace Benefits Survey.” EBRI Issue Brief, no. 470 (Employee Benefit Research Institute, January 10, 2019). © 2019 EBRI