Home > All articles  Your advertisement here   Can we talk? Boomers not explaining employee benefits to gen Y A recent study conducted by Harris Interactive and commissioned by Unum reveals that baby boomers have helped prepare their generation Y kids to deal with life's risks by discussing tricky topics such as drug use and sex, but they are skipping talks about employee benefits as this young generation enters the workforce. In fact, more have discussed car-buying than have discussed the role of workplace benefits in protecting financial security. "Parents and mentors have talked to generation Y about the risks they face growing up, but they aren't completing that process by talking about how they can protect themselves financially in young adulthood," said Mike Simonds, senior vice president for Unum. "Until this new generation of workers understands the benefits decisions they will have to make, the talking isn't done." According to the survey, 72 percent of generation Y workers (ages 18 to 30) say their parents or another adult mentor has talked with them about saving money. 61 percent say a parent or another adult has talked with them about drugs. 61 percent say a parent or another adult has talked with them about job hunting. Nearly 60 percent have talked with a parent or another adult about sex. 51 percent have talked car shopping with a parent or other adult. Just 30 percent of generation Y workers have heard from a parent or adult mentor about choosing the workplace benefits that can help protect their health, income and financial stability. "Generation Y is entering a workplace in which benefits decisions and paying for some coverages are their responsibility," Simonds said. "These young workers need to be prepared to make the decisions that will help protect their financial security, and this research shows that the generation made up largely of their parents - and bosses - isn't preparing them." The research also shows that this very connected generation does not get the connection between their benefits and their financial stability. Forty-three percent are unfamiliar with supplemental health coverage; 52 percent are unfamiliar with critical illness insurance; and 35 percent aren't familiar with disability insurance. And while baby boomers (ages 44 to 62) and generation Y workers both consider the workplace the most important source of information about benefits, parents and family members are also important sources of information for generation Y. 76 percent of employed baby boomers and 68 percent of generation Y workers say the workplace is among their most reliable sources of information about benefits. 60 percent of generation Y employees say parents and family are among their most reliable sources for this information. "The holidays, when families are getting together and we're all making New Year's resolutions, present a great opportunity for parents to resolve to talk to their adult children about whether they have the benefits they need to help protect their financial security," Simonds said. Baby boomers and generation Y are large and influential groups that represent two very different elements of the American workplace. Boomers, about 80 million strong, entered the workforce at a time when employee benefits decisions were made for them through employer-funded, one-size-fits-all packages. They have seen the approach to benefits change during their careers, and have had to become more active in making benefits decisions. Generation Y, which numbers about 75 million, is becoming a force in the workplace as the cookie-cutter approach to benefits fades into history. Young workers face an array of benefit choices. They need to understand from the time they enter the job market how to make 401(k) selections, how to choose the right health plan, how much disability coverage and life insurance they might need.     By KS Date 02-01-2009 Print this news| Send to a friend Your advertisement here