Over half (51%) of Gen Y enrolled in insurance plans say the workplace (e.g., boss, co-worker, human resources, or employer communications) is a primary source of benefits information. However, these individuals are significantly less likely to rely on the workplace for information than all other age groups (51% vs. 69% of those ages 34 to 44, 75% of those ages 45 to 54, and 71% of those ages 55+);
Gen Y are significantly more likely to rely on family and friends than other insured workers do (40% vs. 29% of those ages 35 to 44, 16% of those ages 45 to 54, and 12% of those ages 55+). They are also significantly less likely to rely on online resources (50%) than insured workers ages 45 to 54 (63%).
Other interesting findings in the research among the insured workers include:
• Gen Y is more optimistic about future coverage at work. Almost half (45%) think most companies will continue to make the same type of benefits available at work in the next five years, which is significantly more than all other age groups (19% of those 35 to 44, 17% of those 45 to 54, and 16% of those age 55+);
• Gen Y is less optimistic about their retirement resources. Only one third (33%) think government programs like Social Security will be available to them when they retire;
• They are also less optimistic about company-sponsored pension plans being available to them (24% vs. 34% of those ages 35 to 44, 37% of those ages 45 to 54, and 50% of those ages 55+);
• They are also less optimistic about company-sponsored retirement plans being available when they retire (51% vs. 60% of those ages 35 to 44, 63% of those ages 45 to 54, and 66% of those ages 55+); and
• More Gen Y insured employees than other age groups say they expect family assistance will be available to them for retirement support (17% vs. 8% of those ages 35 to 44, 6% of those ages 45 to 54, and 3% of those ages 55+.
The research results are featured in a white paper about Gen Y at http://www.coloniallife.com/~/media/acrobat/newsroom/white%20papers/NS-11978.ashx.
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