We all know financial woes rank high on the list of concerns millennials face - and hope their employers will help to solve. However, this generation is incredibly diverse when it comes to which financial challenges specifically affect their day to day lives, and their employers' bottom lines.
1 Generation, 2 Distinct Groups
The traditional picture of the millennial benefits consumer, one who is more focused on immediate, debt-related financial stress is more typical of later millennials, those born from 1988 -1995. Later millennials are more likely to choose high-deductible plans, as they're less likely to experience immediate medical risk. They're less likely to be thinking about saving for retirement and more worried about paying off student loans and other debt.
Those who belong to the earlier half of the generation, born during the early and mid 1980s, are facing a new type of financial stress. While they may still experience a good amount of the debt affecting later millennials, more early millennials are parents than their later counterparts, and they are more likely to experience health concerns themselves. They're less likely to elect a high-deductible plan for the sake of cost, especially with active (and therefore accident-prone) children.
Despite their differences, millennials as a whole are much more tech-focused than their predecessors. They were early adopters of social media and online shopping, and they expect their benefits sites to reflect the intuitive site design they've come to know. Our Chief Product Officer, Scott Evans, discussed how the right technology partner can help address all of the benefits needs of the largest generation in the workforce with Employee Benefits Adviser. You can read the full article here.