YOLO⦠Protect Tomorrow? - Hartford - Newsroom
YOLO… Pr otect Tomorr ow? The Hartford’s Group Benefits team conducted research to better understand the benefits behaviors and attitudes of Millennials. Our research involved a review of short-term disability claims data from 2010 to 2011, as well as a national survey of 1,000 full-time workers fielded via online survey by BuzzBack in March 2012. In the survey, Millennials were categorized as ages 18-31 and older baby boomers were between ages 57-65.
Let ’s get real (about insurance) G e t i n t h e lo o p
Only one in three Millennials said they completely understand life insurance
One out of four Millennials said they completely understand disability insurance
A c ost c o n u n d r u m , o r n ot…
56% of Millennials over-
36% of Millennial survey
estimated the cost of disability insurance by hundreds of dollars
takers had “no idea” how much the coverage cost
$ 9%
of Millennials guessed the right answer – Only the average cost is $250/year, or less than a new cell phone or designer purse
Yo u n g , W i l d a n d F r e e … F o r N ow Keep the future bright If they couldn’t work for more than six weeks due to an accident or serious illness, Millennials said they would:
$
BANK
Dip into savings (33%)
Draw from 401(k) account or use credit (21%)
1234 5678 9012 3456
Ask friends and family for a loan or move back in with their parents (22%)
B i g g e st c l a i m s f o r u NDER 3 0 The top three health reasons why the under 30 crowd are kept off the job are:
Pregnancy (57%)
Accidental injuries, such as sprains, concussions, etc. (11%)
Back and spine issues and other conditions that affect muscle and bone (7%)
Fly i n g s o lo 87% of singles would need to make lifestyle changes to meet expenses if they lost income for three to six months.
87%
Yet only 44% of single Americans have the insurance coverage to help provide an income.
44% 0
20
40
60
80
100
G e n e r at i o n G a p M i lle n n i a l s wa nt to e n roll f o r b en e f i ts o n lin e
Older Boomers have a higher preference for one-on-one meetings and benefits enrollment via paper than their Millennial colleagues
M i ll e n n i a l s a r e m o r e s at i s f i e d w i t h b e n e f i t s
25% of Millennials are “completely satisfied” compared with 18% of older Boomers
M i ll e n n i a l s wa n t more choice
More Millennials said voluntary benefits are “extremely important” compared to older Boomers (48% compared to 30% respectively)
Millennials will seek a mentor/coach
27% of Millennials say their parents help influence their benefits choices compared to 2% of older Boomers
16% of Millennials will ask a close friend, compared to 3% of older Boomers M i l l e n n ia l s
12% of Millennials will ask their manager compared to 2% of older Boomers
BOOMERS
C e l e b r i t y G os s i p
T h e wo n d e r f u l w i z a r d, D r . Oz Dr. Oz was the most popular celebrity among Millennials to help them recover from a disabling injury or illness that kept them off the job – with a 27% vote.
L au g h t e r i s t h e ( s e co n d ) b e st m e d i c i n e Ellen DeGeneres came in a close second, with 23% of Millennial vote.
Go get it! Jillian Michaels, the personal trainer known for her work on “The Biggest Loser,” was the third most popular choice (11%) because of her tough love approach to coaching.
Let ’s get real (about insurance) G e t i n t h e lo o p
Only one in three Millennials said they completely understand life insurance
One out of four Millennials said they completely understand disability insurance
A c ost c o n u n d r u m , o r n ot…
56% of Millennials over-
36% of Millennial survey
estimated the cost of disability insurance by hundreds of dollars
takers had “no idea” how much the coverage cost
$ 9%
of Millennials guessed the right answer – Only the average cost is $250/year, or less than a new cell phone or designer purse
Yo u n g , W i l d a n d F r e e … F o r N ow Keep the future bright If they couldn’t work for more than six weeks due to an accident or serious illness, Millennials said they would:
$
BANK
Dip into savings (33%)
Draw from 401(k) account or use credit (21%)
1234 5678 9012 3456
Ask friends and family for a loan or move back in with their parents (22%)
B i g g e st c l a i m s f o r u NDER 3 0 The top three health reasons why the under 30 crowd are kept off the job are:
Pregnancy (57%)
Accidental injuries, such as sprains, concussions, etc. (11%)
Back and spine issues and other conditions that affect muscle and bone (7%)
Fly i n g s o lo 87% of singles would need to make lifestyle changes to meet expenses if they lost income for three to six months.
87%
Yet only 44% of single Americans have the insurance coverage to help provide an income.
44% 0
20
40
60
80
100
G e n e r at i o n G a p M i lle n n i a l s wa nt to e n roll f o r b en e f i ts o n lin e
Older Boomers have a higher preference for one-on-one meetings and benefits enrollment via paper than their Millennial colleagues
M i ll e n n i a l s a r e m o r e s at i s f i e d w i t h b e n e f i t s
25% of Millennials are “completely satisfied” compared with 18% of older Boomers
M i ll e n n i a l s wa n t more choice
More Millennials said voluntary benefits are “extremely important” compared to older Boomers (48% compared to 30% respectively)
Millennials will seek a mentor/coach
27% of Millennials say their parents help influence their benefits choices compared to 2% of older Boomers
16% of Millennials will ask a close friend, compared to 3% of older Boomers M i l l e n n ia l s
12% of Millennials will ask their manager compared to 2% of older Boomers
BOOMERS
C e l e b r i t y G os s i p
T h e wo n d e r f u l w i z a r d, D r . Oz Dr. Oz was the most popular celebrity among Millennials to help them recover from a disabling injury or illness that kept them off the job – with a 27% vote.
L au g h t e r i s t h e ( s e co n d ) b e st m e d i c i n e Ellen DeGeneres came in a close second, with 23% of Millennial vote.
Go get it! Jillian Michaels, the personal trainer known for her work on “The Biggest Loser,” was the third most popular choice (11%) because of her tough love approach to coaching.
