A news release about MetLife’s second Study of the American Dream report said about two-thirds of Americans report feeling an economic pinch from being asked to pick up more of the health coverage tab. Study respondents also report a diminished sense of confidence in government-sponsored benefits.
Slightly more than half of Americans (52%) indicate they believe they are carrying more financial burdens for their family than their parents’ generation had to, according to the release
Even though a majority of Baby Boomers and those from Generation Y are most interested in having health insurance through their retirement, Americans of other ages have differing interests in what makes up their own financial safety net.
Sixty-four percent of boomers and 57% of GenY Americans point to health insurance as the key part of their financial preparations. Some 77% of Americans across generations say they plan to construct their own financial safety system to take them through their golden years.
Boomers and GenYers list a retirement savings plan second on their list ( 49% and 52%, respectively). For Boomers this is followed by income annuities (45%) and long-term care insurance (31%), while GenYers choose life insurance (38%) third followed by income annuities (31%) for their personal safety net.
Across generations, 95% of individuals say they believe employee-funded benefits are important.
Younger employees are also looking for benefits education and advice. More than one in four (26%) indicate they would like more education from their employers about the products they should purchase to create their safety nets. One in five workers say they would like financial planning in the workplace to help them make sound decisions.
From January 4-6, 2008, Strategy First Partners and Penn, Schoen and Berland Associates conducted 800 online surveys in the United States among the general population. More information is at www.metlife.com.