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impact of lifestyle spending accounts
The benefits of investing in your people
Benefit Dissatisfaction
Only 61% of employees are satisfied with their benefits
Attrition risk
55% of workers have left positions after finding better benefits elsewhere
Growing Popularity
According to a 2024 report, 43% of companies are expected to offer LSAs by 2025
Comprehensive Features
Why admins and employees love LSAs
Easily manage and facilitate LSAs for global employees, providing them with the support they want and need.
FAQ
Frequently asked questions
What is a Lifestyle Spending Account (LSA)? 
A Lifestyle Spending Account is an employer-funded benefit that helps employees pay for approved wellness or lifestyle-related expenses. Companies often use LSAs to support categories like fitness, wellbeing, family support, or other employee experience goals while keeping the program separate from traditional health-plan benefits.
How does Awardco help simplify lifestyle spending accounts?
Awardco helps organizations reduce the friction that often comes with manual LSA administration. Instead of relying on paper trails, reimbursement-heavy workflows, or disconnected systems, teams can create a more streamlined experience for employees while giving admins better visibility into balances, usage, and program activity.
Can Awardco support LSA programs alongside employee recognition?
Yes. Awardco can help organizations bring lifestyle benefits and employee recognition into one broader platform experience. That gives teams more flexibility to start with one use case and expand over time, while reducing the need to manage separate tools for adjacent employee programs.
Can companies start with an LSA program first and add other Awardco programs later?
Yes. Some organizations want to begin with a focused lifestyle or wellness benefit, then expand into recognition, incentives, milestone programs, or additional employee experience initiatives later. Awardco supports that more phased approach so teams can start where the need is strongest.
How does Awardco help control eligible LSA spending?
Awardco helps organizations create more structure around how lifestyle benefit funds are used. That can include aligning the experience to approved categories, program rules, and other spending guardrails so companies can offer flexibility to employees without turning the program into a free-for-all.
How does Awardco make lifestyle benefits easier for employees to use?
Awardco helps reduce the friction that can keep employees from using their benefit in the first place. Instead of making employees navigate cumbersome reimbursement steps or disconnected systems, organizations can create a simpler, more accessible experience that helps employees understand and use the benefit more easily.
Why use Awardco for LSAs instead of managing a separate LSA tool?
For many organizations, the value is not just in offering a lifestyle benefit. It is in reducing administrative complexity and creating a more connected employee experience. Awardco helps teams support LSAs within a broader platform strategy, which can make it easier to unify benefit experiences, recognition programs, and long-term employee engagement efforts.
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Thought Leadership & Resources
Employee benefit resources
