Estate Planning and Tax Lawyer Blog

While employers may think that some of the heat is off with Baby Boomers entering into retirement, employee benefits are still of importance because of the Generation Y employers entering into the work place. Generation Y, which is the youngest generation now entering the workforce, is taking an interest into building and protecting their financial lives. Rivaling the number of Baby Boomers at 80 million, Generation Y is nearly 75 million strong. Generation Y, individuals ages 18 to 32, is displaying an interest in planning for the future. The amount of individuals from Generation Y who said they are extremely/very familiar with life insurance increased from 31 percent in 2008 to 44 percent in 2010. Those who stated they are extremely/very familiar with retirement accounts increased from 31 percent to 43 percent. Twenty-four percent of this generation said it is extremely/very familiar with disability insurance, which increased from 16 percent.

During this time of economic uncertainty, members of Generation Y are entering into the work force and building careers. This large and influential group is coming of age when benefits in the workplace are changing rapidly. Barbara Nash, vice president of corporate research for Unum, states that “this generation of workers is a large and influential group coming of age at a time when the benefits landscape is changing quickly. Understanding what drives their decision-making and how we can meet their benefits needs on their terms is critical.”

To read more on this article, visit Gen Y Not Too Young for Retirement Planning .