New Voya research reveals confidence gap in retirement readiness — despite strong belief in workplace benefits

Voya Financial, Inc. (NYSE:VOYA) today released findings from a new consumer research survey that revealed disparities among women; individuals who are Asian, Black/African American and Hispanic/Latino; and younger generations — which may signal a shift in what today's workforce values most in terms of workplace benefits.

Specifically, Voya's research shows 9 in 10 benefits-eligible, employed Americans who have a retirement plan "agree" or "strongly agree" they understand the pretax benefits of contributing to their employer-sponsored retirement plan (ESRP), and more than 8 –in 10 benefits-eligible, employed Americans "agree" or "strongly agree" that workplace benefits can help them prepare for retirement. However, only 65% of employed Americans "strongly agree" or "somewhat agree" they are confident they are on track to retire at their target retirement age.

While most Americans recognize the value of employer-sponsored benefits, many — especially individuals who are part of underserved communities — continue to face barriers to financial security. Voya's research revealed that among Americans, there are significant age and race/ethnicity differences in how much individuals say they need help understanding how to improve their overall financial wellness. Gen Z (82%), millennials (71%) and Gen X (61%) are significantly more likely than baby boomers (45%) to "agree" or "strongly agree" with this sentiment, as are those who are Asian, Black/African American or Hispanic/Latino (76%) compared to white (56%) individuals. Additionally, women (88%) are more likely than men (81%) to "agree" or "strongly agree" their money doesn't go as far as it used to. These insights support the need for personalized, inclusive financial guidance that meets individuals where they are.

"Even when individuals do everything right — contributing to retirement plans, understanding tax advantages and engaging with employer benefits — they still feel as though they are falling behind," said Kerry Sette, VP, head of Consumer Insights & Research at Voya Financial. "This is especially true for women; caregivers; individuals who are Asian, Black/African American and Hispanic/Latino; along with younger generations, all of whom are navigating systemic challenges and economic pressures that make it more challenging to build long-term financial security."

Redefining retention

As the workforce continues to evolve, so do expectations around what it means to stay with an employer. Voya's research shows that for employed Americans, flexible hours (66%) and ESRPs (65%) are now nearly as important as compensation (69%) to retain talent. Employees are increasingly looking for holistic support that addresses both their financial and personal well-being.

"Retention and satisfaction aren't only about salary — it's about security and support," Sette added. "When employees feel confident in their ability to retire, manage emergencies, and balance work and life, they're more likely to stay engaged and committed to their employers."

This shift in priorities reflects a broader wave of consumer sentiment. According to Voya's latest research, financial anxiety is on the rise across the board for Americans. In the past three months, feelings of uncertainty in one's own finances have climbed from 64% to 70%, and frustration has increased from 59% to 65%. At the same time, optimism has dipped from 48% to 43%, and confidence has fallen from 41% to 36%. Among Americans, women and caregivers also are significantly more likely to report at least one negative sentiment about their finances compared to men and non-caregivers.

Younger generations — particularly Gen Z and millennials — are also expressing heightened concern. Compared to baby boomers, they are far more likely to say they need help understanding how much to save for retirement (75% Gen Z, 66% millennials versus 40% baby boomers), that debt is limiting their ability to save (67% Gen Z, 64% millennials versus 27% baby boomers) and that they're saving less for emergencies than they were a year ago (74% Gen Z, 70% millennials versus 53% baby boomers). These emotional and financial stressors directly influence retention, as employees who feel unsupported or financially insecure are more likely to disengage or seek opportunities elsewhere. In contrast, organizations that proactively address these concerns through comprehensive benefits and personalized financial wellness resources are better positioned to retain top talent in today's evolving workplace.

Purpose-driven priorities

"For younger generations, purpose is no longer a ‘nice to have' — it's a core expectation," Sette said. "Gen Z and millennials are looking for not only financial benefits, like 401(k) plans; they're also seeking inclusive cultures, mental health support and meaningful work that aligns with their values."

In fact, Voya's research found that 60% of employed Gen Z and 57% of employed millennials say a purpose-driven culture that fosters inclusion and belonging would make them more likely to stay with their current employers. That's on par with the importance younger workers place on mental health benefits as a retention driver (employed Gen Z 67%, employed millennials 59%). These findings underscore a shift in workplace priorities, where culture and care are as critical as compensation.

As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to its purpose of, together, fighting for everyone's opportunity for a better financial future.

Voya Financial Consumer Insights & Research survey conducted Apr. 28-29, 2025, on the Ipsos eNation omnibus online platform among 1,002 adults aged 18+ in the U.S., featuring 491 working full time/part time, 365 who are also benefits eligible and 213 who also have a retirement plan.

About Voya Financial^®

Voya Financial, Inc. (NYSE:VOYA) is a leading health, wealth and investment company with approximately 10,000 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 approximately 15.7 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 approximately 11.9 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 listed company on the Dow Jones Best-in-Class North America 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, Instagram, and LinkedIn.

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Media:

Kris Kagel

Voya Financial

(201) 221-6534

[email protected]