This influential generation is growing their careers, their families,
and their need for benefits
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
In 2017, Millennial moms accounted for 77 percent of short
term disability maternity claims for Unum
(NYSE: UNM), the leading provider of disability benefits in the U.S.
“Millennials make up more than a third of the workforce and many of them
have recently started or plan on starting a family soon,” said Greg
Breter, senior vice president of benefits at Unum. “We anticipate seeing
these numbers hold steady or even rise in the years to come, which can
have important implications for employers.”
Short term disability insurance replaces part of a working mother’s
income for up to six to eight weeks, depending on the type of delivery.
In 2017, Unum paid nearly $100 million in short term disability benefits
to new mothers, helping them recover from delivery and bond with their
newborns.
According to the U.S. Census Bureau, Millennials are the largest
generation since Baby Boomers, with approximately 71 million people in
the U.S. born between 1981 and 2000. By comparison, Generation X, born
1965 to 1980, has approximately 66 million people. Millennials are
expected to overtake Boomers in population next year as their numbers
swell (due to immigrant migration) to 73 million and Boomers decline to
72 million.
“Particularly among Millennial mothers who may be newer to the
workforce, the financial assistance provided by short term disability
insurance can make a huge difference,” Breter said. “But the reality is
that most working women aren’t protected by short term disability
coverage, and this can leave them exposed to financial risk as they step
away from work to bond with and care for their newborn.”
The U.S. Census Bureau estimates that around four million babies are
born each year, with two-thirds born to mothers in the workforce.
However, more than 40 percent of new working mothers won’t receive paid
leave.
According to a 2016 Pew
Research Center study, 57 percent of parents with household incomes
less than $30,000 who took parental leave say they took on debt to deal
with the loss of income. About half (48 percent) say they went on public
assistance or put off paying their bills (46 percent).
Millennial parents are also looking for more clarity and variety in the
types of benefits their employers offer. A Unum micro-study in April
2018 of 65 Millennials who delivered or adopted a child in the previous
year indicated that 48 percent found the understanding of their parental
leave benefits to be somewhat or very difficult. When asked what they
most desired from their employers, 72 percent said flexible hours upon
their return to work; 62 percent desired paid parental leave.
See this
link for more information on Unum’s short term disability insurance.
About Unum
Unum Group (www.unum.com)
is a leading provider of financial protection benefits in the United
States and the United Kingdom. Its primary businesses are Unum US,
Colonial Life, and Unum UK. Unum’s portfolio includes disability, life,
accident and critical illness, dental and vision coverage, which help
protect millions of working people and their families in the event of an
illness or injury. Unum also provides stop-loss coverage to help
self-insured employers protect against unanticipated medical costs. The
company reported revenues of $11.3 billion in 2017 and provided $7
billion in benefits.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180510005110/en/
Unum Group
Brad Carmony, 423-294-5238
Toll free: 866-850-8686
Bcarmony@unum.com
Source: Unum Group