Millennial Benefits Perspective

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MetLife Employee Benefit Trends

The Millennial Benefits Perspective

2 min read December 09, 2019

The Millennial Benefits Perspective

Americans born between 1982 and 2000 are known as Millennials — or Gen Y — and they make up more than one-third of American employees.

Understanding trends in how the Millennial generation thinks and behaves in the workplace is crucial to many aspects of a business’s success — now and in the future.

Because there is an 18-year age difference between the oldest and youngest Millennials, they can’t be stereotyped. Millennial attitudes and behaviors can vary drastically, causing them to view personal finances and employee benefits in different ways. By segmenting the generation and looking at the Younger versus Older Millennials, this MetLife Study portrays a new picture of the Millennial employee.

It’s important to note that marital status, specifically married with children, increases significantly between Younger and Older Millennials. Decisions around benefits can be more significant when there are children involved. Helping Younger Millennials understand and appreciate benefits relevant to their financial wellbeing is as important as providing Older Millennials with benefits and tools they can adapt to their own life-changing events.

Research shows employers may benefit from greater Millennial loyalty if they broaden their scope of responsibility to help their employees reduce financial stress and become more financially secure through benefits.

Employee concern over financial well-being
67% Younger Millennial (21-24) Have enough money for my children's college education
77% Older Millennial (25-34) Have enough money for my children's college education
61% Younger Millennial (21-24) Outliving my retirement savings
73% Older Millennial (25-34) Outliving my retirement savings
69% Younger Millennial (21-24) Having enough money to pay my bills if someone in my household loses their job
78% Older Millennial (25-34) Having enough money to pay my bills if someone in my household loses their job
61% Younger Millennial (21-24) Outliving my retirement savings
73% Older Millennial (25-34) Outliving my retirement savings
57% Younger Millennial (21-24) Having enough money so that my spouse can stay at home with one or more children
67% Older Millennial (25-34) Having enough money so that my spouse can stay at home with one or more children
49% Younger Millennial (21-24) Having too much credit card debt
61% Older Millennial (25-34) Having too much credit card debt

Want more insights on how to build better benefits strategies for millennials?

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