82% also report financial wellness being main focus for their family — indicating shifting priorities for many due to experiences with COVID-19
WINDSOR, Conn.--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE: VOYA), announced today new findings from a consumer survey revealing that a significant amount (73%) of Americans agree that material goods matter less given their experiences with the COVID-19 pandemic. As the priorities of many individuals are shifting when it comes to both health and wealth, Voya’s survey also found a majority (75%) of Americans have become more focused on their mental health and emotional well-being, emphasizing the concept that wealth has garnered new shades beyond financial means.
The results of Voya’s new survey reveal that many individuals will likely be seeking a fresh outlook in 2021 and beyond as arguably one of the most impactful and memorable years in multiple generations comes to an end. While COVID-19 has undoubtedly changed the lives of many Americans, Voya’s survey indicates that the shifting priorities of many Americans have changed for the better:
- Becoming More of Saver than a Spender: Post-COVID-19, a significant amount (69%) of Americans agree that they are more focused on saving rather than spending.
- Finding Greater Work-Life Balance: As many individuals continue to work from home, more are seeking opportunities to “make the most of it” as more than half (60%) of working Americans say they have more work-life balance than prior to COVID-19, while just over half (59%) have noted becoming more healthy through diet or exercise.
- Importance of Emergency Savings: With COVID-19 causing unprecedented economic disruption, recent industry data shows that up to 46 million Americans have depleted their emergency savings.1 The good news is Voya’s data found that more individuals are seeking to get back on track with more than six in 10 agreeing that they are better prepared for a future emergency (66%) and are saving more money to cover possible unexpected expenses (62%).
- Retirement Still Remains a Priority: In a year of financial uncertainly, still more than half of individuals (55%) are more focused on planning for retirement. At the same time, individuals are becoming more acutely aware of the impact uncertainty might have on their future nest egg. As a result, a more significant amount (87%) believe having a guaranteed source of income in retirement is important or extremely important.
“If there are any silver linings that we can take away from this year, it’s that the shifting priorities of individuals are emphasizing the importance of workplace holistic wellness offerings. This includes things like retirement savings, emergency fund support and access to voluntary benefits such as protection for unexpected critical illnesses, accident or hospital stays, particularly in light of the global health crisis,” said Charlie Nelson, CEO of Retirement and Employee Benefits for Voya Financial. “The good news is Voya’s survey found 60% of working individuals have grown a new appreciation for their employer given their experiences with COVID-19. So, for employers, helping individuals maintain a healthy balance when it comes to both their financial and mental well-being is becoming increasingly important. And while support for financial and heath needs are pivotal, employers cannot forget one’s mental health — which could mean greater access to employee assistance programs or simply being more aware of the heightened stress of your workers and reminding them to take a break.”
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company® and its mission to make a secure financial future possible — one person, one family, one institution at a time.
All data outlined in this release, unless noted otherwise, is based on the results of a Voya Financial survey conducted through Ipsos on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S. (including 534 who are currently working). Research was conducted Nov. 19-20, 2020.
1. CNBC: “Nearly 14% of Americans have wiped out their emergency savings during the pandemic,” (Sept. 2020).
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $7.5 billion in revenue in 2019. The company had $657 billion in total assets under management and administration as of Sept. 30, 2020. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as a 2020 World’s Most Admired Company by Fortune magazine; one of the 2020 World’s Most Ethical Companies® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
Ipsos is the world’s third largest market research company, present in 90 markets and employing more than 18,000 people. Our passionately curious research professionals, analysts and scientists have built unique multispecialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions. Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com.
Ipsos is a separate entity and not a corporate affiliate of Voya Financial®.
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Source: Voya Financial, Inc.