Most Would Tap Savings If Disabled

Unum said its survey of the generation Y workers (ages 18-30) and employed baby boomers (ages 44-62) who do not have disability coverage revealed 39% of Gen Y respondents say relying on savings would be one of their two likeliest options if they could not work. One-third say borrowing from friends or family would be a likely source of income, and 16% would borrow from credit cards, according to a press release.

Almost two in ten Gen Y respondents (18) indicated they are not sure how they would get by.

Among baby boomer respondents, 49% say relying on savings would be one of their two likeliest options if they could not work. Forty percent cited a partner’s earnings as a likely source of income, and 15% are not sure how they would get by.

The press release said the survey indicates neither group considers disability benefits a top financial priority. Among generation Y workers, only 1% rank disability coverage as one of their top four financial priorities, and only 5% of baby boomers identified disability insurance as among their top four financial priorities.

For 63% of generation Y workers, paying down debt/student loans is a top financial priority, while putting money into savings or retirement accounts is a top priority for 66% of employed boomers. According to the survey, dining out/entertainment is a high priority for 57% of generation Y workers, while paying for vacations is a high priority for 32% of boomers.

Three-fourths (76%) of employed baby boomers and 68% of generation Y workers said the workplace is among their most reliable sources of information about benefits.

This study was conducted online within the United States by Harris Interactive on behalf of UNUM between August 12-14, 2008, among 1,353 adults age 18 years or older, 548 of whom are considered Generation Y (ages 18-30) and 805 of whom were Baby Boomers (ages 44-62). Of those, 363 Generation Y and 555 Baby Boomer respondents were either employed full-time, part-time, or self employed.