Surveys from Unum show gen Y learning more about financial foundations
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Over the past two years, the youngest generation in the workforce has
become more engaged in learning about the benefits that can help protect
them financially, according to studies of generation Y conducted online
by Harris Interactive on behalf of Unum (NYSE:UNM).
“Members of this generation are entering the workforce and building
careers during a time of economic uncertainty and intense debate over
health care reform,” said Barbara Nash, vice president of Corporate
Research for Unum. “They’re clearly taking an increased interest in how
they can build and protect their financial lives.”
The studies, conducted in August 2008 and August 2010, found that:
-
The percentage of members of generation Y who said they are
extremely/very familiar with life insurance jumped from 31 percent to
44 percent.
-
The percentage who said they are extremely/very familiar with
retirement accounts grew from 31 percent to 43 percent.
-
The percentage who said they are extremely/very familiar with
disability insurance increased from 16 percent to 24 percent.
The workplace continues to be their most reliable source for benefits
information, with 68 percent of generation Y employees citing it as a
top resource. But they are also more likely to seek out information
about financial protection benefits online than they were just two years
ago, the study showed.
-
The percentage who use insurance company websites to learn about
benefits providers grew from 32 percent in 2008 to 44 percent in 2010.
-
The percentage who visit consumer advice web sites grew from 21
percent to 27 percent.
-
The percentage who participate in online forums or blogs increased
from 7 percent to 12 percent.
And as their use of online resources grew, generation Y’s reliance on
family and friends as a source of benefits information diminished.
-
Between 2008 and 2010, the percentage who said they rely on parents
for benefits information fell from 60 percent to 42 percent.
-
The percentage who cite friends as a resource for benefits guidance
dropped from 30 percent to 21 percent.
The survey also showed that the scope of a provider’s benefits is an
increasingly important element for generation Y when they’re choosing a
carrier. In 2010, 55 percent said scope was an important selection
factor, up from 44 percent in 2008.
“This generation of workers is a large and influential group coming of
age at a time when the benefits landscape is changing quickly,” Nash
said. “Understanding what drives their decision-making and how we can
meet their benefits needs on their terms is critical.”
Generation Y numbers about 75 million – nearly the size of the
80-million-strong baby boomer generation.
About the survey
The 2010 wave of this survey was conducted online within the United
States by Harris Interactive on behalf of Unum from August 17-19, 2010,
among 387 Gen Y respondents (ages 18-32) employed full- or part-time.
The 2008 wave was conducted from August 12-14, 2008, among 357 Gen Y
respondents (ages 18-30) employed full- or part-time. Figures for age,
sex, race/ethnicity, education, region and household income were
weighted where necessary to bring them into line with their actual
proportions in the population. Propensity score weighting was used to
adjust for respondents’ propensity to be online. For full methodology
please contact Mary Fortune at (423) 294-6368.
About Harris Interactive
Harris Interactive is one of the world’s leading custom market research
firms, leveraging research, technology, and business acumen to transform
relevant insight into actionable foresight. Known widely for the Harris
Poll and for pioneering innovative research methodologies, Harris offers
expertise in a wide range of industries including healthcare,
technology, public affairs, energy, telecommunications, financial
services, insurance, media, retail, restaurant, and consumer package
goods. Serving clients in over 215 countries and territories through our
North American, European, and Asian offices and a network of independent
market research firms, Harris specializes in delivering research
solutions that help us – and our clients – stay ahead of what’s next.
For more information, please visit www.harrisinteractive.com.
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services in the United States and the United Kingdom. Through its
subsidiaries, Unum Group paid approximately $6 billion in total benefits
to customers in 2009.
Source: Unum
Contact:
Unum
Mary Fortune, 423-294-6368
mfortune@unum.com