Fitness and wellness, travel top list of most popular lifestyle spending account types

“Recent shifts in work culture have spurred employers to reimagine how they take care of their employees,” according to the flexible benefits platform Benepass. “Perks like office snacks and discounted gym memberships are nice, but they’re no longer enough to attract and retain the brightest talent. Instead, companies are turning to flexible solutions like an LSA to entice people to join their teams and keep employees happy.”

“People often enter their field of work because of their specific talents and interests,” the report said. “It makes sense then that employees’ spending habits vary by industry. LSAs enable employers to provide benefits that meet the wants and needs of all employees, regardless of the industry. When designing their LSA, companies should consider how their industry impacts the unique values and priorities of their employees.”

“The modern workforce is increasingly diverse, and companies are tapping into the potential of LSAs to meet the wants and needs of employees of all backgrounds,” it concluded. “The data in this report underscore the incredible range of choices that companies can make possible for their employees by offering flexible lifestyle spending accounts.”