more tha has n ha do lf (55 ne a pe gorc od job com ent) say their municatin retirement pla g about men n contrib tal health utes a and w lot to o rk feelin -life b g financia alance d lly se uring cure. the Betsy Jaffe pandemic. Roughly four in ten cite life insurance, financial wellness, and bene Director, fits lik Market e accident a ing and Pu nd criti bli cc Relat al illness ions as Employee Benefit Research Institute contributing a lot to their financial security. One-third feel disability insurance contributes a great deal. press-media@ebri.org A summary of the survey report, The 2020 Workplace Wellness Survey, is available at ebri.org. “Health insurance remains the benefit employees are most likely to consider when making employment 202.775.6347 decisions, followed by retirement savings plans, and these benefits play a critical role in employees’ About the Survey: feelings of financial security” said Paul Fronstin, Director of EBRI’s Health Research and Education New Study Finds Workers Stressed About Their Financial Future, but Very Satisfied With The 2020 survey of 1,028 American workers was conducted online July 13 through August 6, 2020. All Program. “Interestingly, the study finds newer benefits, including health wellness programs, critical Employment-Based Benefits illness o respondent r can s cer were age insurance 21-64, , and fin and were ancia l well weighted ness by pro age, race, grams are i ge nnder creas an ing d edu in po cation pularity.” . This r eport Benefits Critical to Feeling Financially Secure, Furloughed Workers Most Concerned focuses on those currently employed, with significant differences for furloughed workers called out, While some were concerned that the pandemic and subsequent financial downturn could lead to including 900 who are currently employed full or part-time in their primary job, and 128 who are WASHINGTON – September 30, 2020 – The inaugural Workplace Wellness Study conducted by the employers decreasing or eliminating health care and other benefits, that fear has largely remained currently furloughed from their primary job, but still have access to their employee benefits. The margin Employee Benefit Research Institute (EBRI) and independent research firm Greenwald Research finds unrealized. “Although we’ve heard anecdotal reports that some have terminated benefits coverage for of error at the 95% confidence level for the total sample of current workers in this study (n=900) is that two in three employees feel stressed when thinking about their financial future. Nearly half of part-time and seasonal workers, employers have largely stayed the course on benefits offered to full- approximately plus or minus 3.3 percentage points. employees are concerned with their household’s financial wellbeing, citing saving for retirement and time employees,” said Fronstin. having savings in case of an emergency as top sources of financial stress. Yet, only 42 percent of “The Workplace Wellness Survey” builds on previous EBRI/Greenwald collaborative studies including Open-Enrollment During COVID-19 employees are satisfied with their financial wellness benefits and would not trade them with their “The Health and Workplace Benefits Survey “ held from 2013 through 2018, “The Health Confidence wages; an equal share would be willing to have fewer financial wellness benefits for higher wages. Survey”, held from 1998 through 2012, and “The Value of Benefits Survey” held in 1999 and 2001. Three-quarters of employees find their health benefits easy to understand, higher than the six in ten expressing the same level of understanding about their non-health benefits. Employees are confident in “Seven in ten employees believe employees need their employer’s help to be healthy and financially The 2020 WWS was underwritten by Cigna, MassMutual, Mercer, Prudential Financial, Segal, Unum and their ability to make informed decisions about employee benefits, with two in three stating they are secure, and nearly as many feel the employer has a responsibility to ensure the health and financial Voya Financial. very or extremely confident. security of employees,” said Lisa Greenwald, CEO of Greenwald Research. “About half of employees feel their employer has done an excellent or very good job communicating With some trended results dating back to 2012 or earlier, the Workplace Wellness Survey examines Abo about ut o EBRI: nline benefits resources during COVID, which is important as we go into open enrollment season worker attitudes towards employment-based benefits in the workplace, as well as a broad spectrum of this year,” said Greenwald. “However, given the pandemic, 37 percent would like more information and financial wellbeing, employment-based health insurance, and retirement benefit issues. The Employee Benefit Research Institute is a private, nonpartisan, nonprofit research institute based in guidance during open enrollment than they usually get.” For their next open enrollment, employees are Washington, DC, that focuses on health, savings, retirement, and economic security issues. EBRI Since the pandemic began, just under three in ten (28 percent) feel their employer’s efforts to improve most interested in a portal for selecting benefits, a tool to help make decisions, and online brochures. conducts objective research and education to inform plan design and public policy, does not lobby and their overall well-being has increased, and 61 percent say it stayed the same. However, employees rate M does any not take employ policy ees – just u positio nder half ns. The– work of say they EB would RI is m welcome ade possible advice by fun , either ding fro fro m m a its third memb -party be ers and nefits their employers’ efforts positively, with 48 percent saying their employer has done an excellent or very sponsors, which include a broad range of public, private, for-profit and nonprofit organizations. For advisor or from an online program. Nine of ten surveyed-employees report that they would be likely to good job helping them improve their physical wellbeing, and 42 percent say the same about their mo use a free re inform onl ation go ine program to w ww.ebri.or offering bene g. fit advice, including nearly half who are very or extremely likely. emotional and financial wellbeing. About Greenwald Research: Employees are also keenly interested in receiving education or advice on how to invest money in their The survey also finds that furloughed workers who maintain access to at least one of their employee retirement plans and on how much they should be saving for retirement. Three in ten employees take benefits are less likely to be satisfied with their primary job and employee benefits than other workers. Greenwald Research is a leading independent custom research firm and consulting partner to the health advantage of offered education and advice about benefits. Those that leverage this advice have higher They are also less likely to feel confident in their ability to make informed decisions about their and wealt levels of und h in erstanding dustries that and satisf applies cr action eati. ve quan titative and qualitative methods to help companies stay employee benefits. competitive and navigate industry change. Leveraging deep subject matter expertise and a consultative Other key COVID-19 related findings include: The Good News: Employment-Based Health Insurance is a Bright Spot approach, Greenwald offers comprehensive services to answer strategic business questions. For more information, • Since go to the star www. t of the COV greenwaldrese ID-19 pande arch.com mic, employees report that employers have most On the positive side, however, nearly half of employees, 47 percent, are extremely/very satisfied with frequently reacted by furloughing or laying off workers (26 percent), promoting telemedicine their benefits package, with 58 percent stating that they are satisfied with their employment-based benefits (18 percent), and increasing leave availability (17 percent). Only one percent suspended retirement savings plan and 54 percent being satisfied with their current health insurance plan. or cut back benefits. Majorities indicate they are satisfied with the retirement and health benefits they have now, and do not want to trade their benefits with their wages. • Slightly more than half (54 percent) report their employer has done an excellent/very good job communicating about COVID-19 policies and procedures. Roughly half (49 percent) feel Health insurance continues to be valued: the benefit employees say contributes most to their feelings of communication about health benefits has been strong, and nearly as many feel their employer financial security. Nearly two-thirds say their health insurance “contributes a lot” to their security, and