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Voya survey reveals half of caregivers say responsibilities impact ability to save for retirement
Findings show employers have an opportunity to retain caregivers with broader workplace benefits and savings resources
WINDSOR, Conn., October 15, 2024--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) released new findings from a consumer research survey uncovering that almost half of caregivers (49%) report their responsibilities have had a severe or major impact on their ability to prepare for their retirement. More than half of caregivers also noted caregiver responsibilities impacting their ability to prepare for emergencies and unexpected expenses (52%), mental well-being (52%) and healthcare costs (51%). Notably, when looking at a combined group of Asian, Hispanic and Black Americans, 28% reported that their caregiver responsibilities will have a severe or major impact on their ability to save for retirement, compared to 19% of white Americans.
"Caregiving comes with significant emotional challenges, and the financial strains are often a concern. In fact, Voya’s research found that 27% of caregivers changed jobs to provide care. However, employers can play a critical role when it comes to supporting caregivers in the workplace," said Carole Mendoza, VP, benefits at Voya Financial. "Employers that prioritize traditional workplace benefits coupled with specific caregiver resources have an opportunity to create an environment that can foster employee loyalty, reduce turnover and enhance overall productivity. However, it’s important to ensure employees are aware of and understand all the benefits and resources available to them, particularly employees in diverse communities."
Caregiving impact on financial life
Voya’s research also found caregiving responsibilities severely or majorly affect several other aspects of their finances, including a home purchase (40%), mortgage and rent payments (38%), having a child and childcare costs (35%), and college expenses or student loans for themselves or their dependents (30%). And, among those who are already caregivers, Asian, Hispanic and Black Americans also report higher impacts on mental wellness (66% vs. 43%), healthcare costs (64% vs. 44%) and buying a home (52% vs. 31%), compared to white caregivers.
Interestingly, Voya’s findings also show employed Americans are more likely to stay with their employers if the company provides access to health spending and savings accounts (51%), voluntary benefit offerings, such as critical illness, hospital indemnity, disability income, accident insurance (51%), and comprehensive caregiver planning resources (36%) — all which can have a significant impact on those with disabilities and their caregivers, who often face financial challenges connected to their dual responsibilities at home and work.
Another notable finding: More than half (53%) of caregivers agree or strongly agree they are likely to use caregiver resources and support offered through employers, including educational articles, checklists and planning document templates.
"Employers have an opportunity to demonstrate a commitment to an inclusive and supportive workplace for caregivers and all employees," Mendoza added. "Offering comprehensive benefits that include support for caregivers can also be a significant factor in attracting and retaining talent, along with promoting higher job satisfaction and overall well-being. Benefits, such as health savings accounts, flexible spending accounts, legal insurance, disability and long-term care insurance, and targeted planning and education resources for the disabilities community continue to be an untapped caregiver-retention tool for many employers."
Those with disabilities and their caregivers can find more resources and information at voyacares.com. As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.
About the study
These are the results of an Ipsos survey in partnership with Voya Consumer Insights and Research conducted Aug. 8–9, 2024, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 164 caregivers (117 White, 39 Asian/Hispanic/Black[Net], 8 other). Sample sizes are consistent wave to wave. The sample can be taken as representative of the general adult U.S. population age 18 or older. The data is weighted so that the sample composition best reflects the demographic profile of the adult population according to the most recent census data. Where results do not sum to 100 or the "difference" appears to be +/ 1 more/less than the actual, this may be due to rounding, multiple responses or the exclusion of "don't knows" or not stated responses. The precision of Ipsos online polls is calculated using a credibility interval with a poll of 1,000 accurate to +/ 3.5 percentage points. For more information on the Ipsos use of credibility intervals, please visit the Ipsos website (Ipsos.com).
About Voya Financial?
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with more than 12 million employees in the U.S. Certified as a "Great Place to Work" by the Great Place to Work? Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies? by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a "Best Place to Work for Disability Inclusion" on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn, and Instagram.
