Employers are increasingly seeing health savings accounts (HSAs) as part of a retirement benefits strategy and are encouraging employees to use them as savings vehicles.

However, a survey from ConnectYourCare shows mid-career employees are more likely spending their HSA assets.

Overall, 81.8% of respondent to the survey say they regularly use their HSA funds throughout the year to pay for out-of-pocket health costs, while 18.2% say they try to save/invest their HSA funds as much as possible for retirement or large future expenses. But, employees younger than 25 (25.6%) and older than 65 (22.1%) are more likely to say they try to save/invest their HSA funds. The survey found employees ages 35 to 44 (84.9%) and 45 to 54 (84.3%) were more likely to be HSA spenders.

When asked what prevents them from investing their HSA assets, some survey respondents said: “An HSA is not an investment vehicle; it is a health care cost vehicle;” “I can’t afford to contribute to my HSA because I can’t afford to bring home less pay;” and “I currently use all my HSA funds to cover health care expenses. There is no balance left to invest.” Thirty-six percent say the amount of funds in their account prevents them from investing, and 26.9% indicate they were not aware of investment options.

Even among those who do invest their HSA assets, 62.9% report they expect they will withdraw from their account from time to time for major medical expenses, while only 17.7% indicate they will save and grow their assets for future health care needs in retirement.