New report shows employees’ benefits literacy limped, yet financial preparedness gained firmer footing amid COVID-19 surge

As we learned in 2020, the unexpected—in this case, a global pandemic—can sometimes bring clarity from complexity. As COVID-19 cut the economy off at its knees, sending millions of people into un- or under-employment and associated significant financial hardship, employee benefits came into sharper view, most employees saw their benefits as more important than ever.

In the fall of 2020, we had been living with COVID-19 and its impact for the better part of a year. From an HR and benefits perspective, many parts of the nation had returned to something at least resembling stable. Fall annual enrollments occurred prior to the nationwide infection surges that resulted from holiday gatherings and before any vaccines were approved or administered. Much of the civil unrest that occurred during the summer had slowed and unemployment had decreased to 6.7% in November from a record 14.8% in April.

It was in this context that the American workforce made its benefits decisions for 2021. Check out this year’s MyChoice® Recommendation Engine Benefits Insights Report and related content—including our interactive data dashboard that allows you to filter findings based on your preferred metrics and demographics.