Each year, the MyChoice™ Recommendation Engine Benefits Insights Report aggregates the responses of employees using Businessolver’s proprietary decision guidance tool to uncover the state of mind of American workers during annual enrollment.
Our 2020 report captured what employees were thinking as they made their benefits elections in the fall of 2019, prior to the onset of COVID-19.
For this special report, we analyzed the responses from employees using the decision guidance tool whose annual enrollment is “off-cycle”—taking place in late spring or early summer of 2020 (post March 2020). Their responses provide an early indication of how the pandemic has impacted what employees are thinking and how they are behaving when they choose their benefits.
The data indicates that employees continue to struggle with financial preparedness, but more are trying save for a rainy day…and some are succeeding.
We analyzed the data from different perspectives—including by generation. What we learned is one group seems to be losing the most ground—Gen X.
However, regardless of generation, those earning the most are saving more, ramping up their ability to face an unexpected emergency or fund a large health care cost. Learn more about how employees feel about their finances amidst the pandemic.