Young employees showing more interest in benefit options

May 04, 2011

Young employees are becoming increasingly benefits-savvy.

Young workers are increasingly interested in the financial benefits offered to them by their employers, according to a recent survey by Unum.

The company performed two studies - once in August 2008 and again in August 2010 - and compared the results.

They discovered that between that time, the percentage of members of Generation Y who considered themselves extremely familiar with life insurance, retirement accounts and disability insurance increased by 13, 12 and 8 percent, respectively.

The survey also revealed that this generation is more likely to find out information regarding financial benefits and providers online and in the workplace and less likely to get information from family and friends.

Additionally, the number of respondents who reported that benefits packages were an important factor for them in choosing a career rose 11 percent.

This "increased interest" in financially preparing for the future may be attributable to the "economic uncertainty and intense debate over health care reform" that the current generation has experienced, according to Unum's vice president for corporate research, Barbara Nash.

Planning for the future may be especially important for generation Y, as some experts have predicted that retirement prospects for those currently between the ages of 18 and 30 may be uncertain, according to Financial Planning.

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