Benefits November 19, 2008

Boomers and Gen Y Get Benefits Info at Work

November 19, 2008 (PLANSPONSOR.com) -Some 76% of employed baby boomers and 68% of Generation Y workers say the workplace is among their most reliable sources of information about benefits such as insurance coverage, according to a new survey.
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A news release from insurer Unum about the Harris Interactive poll said that while baby boomers (ages 44 to 62) surveyed generally had a better understanding of employee benefits, they as well as Generation Y (ages 18 to 30) reported at least some confusion or a lack of information about topics ranging from the cost of certain benefits to their purpose.

The poll found that:

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  • 52% of Generation Y and 44% of employed boomers say they are unfamiliar with critical illness insurance.
  • 43% of Generation Y employees say they are unfamiliar with supplemental health coverage or long-term care insurance.
  • 27% of employed baby boomers are unfamiliar with long-term care coverage.
  • 34% of generation Y and 31% of employed baby boomers ranked their income their most important asset to protect.

“As home values slip and the stock market fluctuates, it has never been more important to educate workers about their options for coverage that can help protect their financial stability,” said Mike Simonds, Unum senior vice president and chief marketing officer, in the announcement. “The workplace is common ground for employees of every generation, and clear benefits communication at work is particularly critical during this fall enrollment season.”

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 are 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.

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