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.