Over half of Americans (53%) report that cost is the primary driver for choosing benefits during open enrollment, and 35% of Millennials (27% of people overall) enroll in the least expensive option regardless of what the plans offer, according to research from Empower, a leader in financial planning, investing, and advice.

Some 41% say they would have made different benefit elections if they had a better understanding of the options. Less than half of younger generations know where to find the information and details needed to make decisions about their benefits (44% of Gen Zers, 50% of Millennials). Fewer than 2 in 5 (38%) Americans feel that the open enrollment process is easy and user-friendly, and 37% admit to feeling overwhelmed when it comes to selecting benefits.

Beyond healthcare (70%), dental (53%), and vision plans (45%), Americans rank access to retirement plans (45%) and financial advice (24% overall, 42% Gen Z) among the most important employer benefits.

“Our study shows that Gen Zers are especially craving financial advice, and it tops their wishlist of workplace benefits,” says Rebecca Rickert, head of communications at Empower. “From a retirement plan to financial coaching, plus concrete safeguards like an emergency savings account, people highly value benefits that directly support their financial happiness.”

Americans have ideas for how to make the open enrollment process better. Nearly half (48%), including 60% of Baby Boomers and 53% of Gen Xers would like to see a side-by-side comparison of plans and benefits, a clear explanation of pricing differences among plans (46%), and better pricing on plan options (44%). One in five (21%) say a longer enrollment period would improve the process.

Americans have ideas for how to make the open enrollment process better. Nearly half (48%), including 60% of Baby Boomers and 53% of Gen Xers would like to see a side-by-side comparison of plans and benefits, a clear explanation of pricing differences among plans (46%), and better pricing on plan options (44%). One in five (21%) say a longer enrollment period would improve the process.

More findings:

• HSA-a-day: 1 in 4 (24%) Americans (27% of men and 21% of women) have money in a Health Savings Account (HSA). Just half of people (50%) say they understand what an HSA is, with more Gen Xers (57%) and fewer Gen Zers (40%) familiar with the option. About 1 in 5 (21%) have used their HSA benefit so far this year.
• Roll call: One in 5 (20%) overall do not enroll in their employer’s benefit plan, and the likelihood of opting out is even greater for younger generations: 1 in 4 Gen Zers (26%) and Millennials (27%) do not enroll in their employer’s plan, compared with just 16% of Gen Xers and 15% of Baby Boomers.
• Time saver: Time is money to many people, and more of it might make for an improved open enrollment process, too: Just 39% feel the open enrollment window is long enough.