Despite their noted differences, baby boomers and Generation X employees show strong similarities in their choice of some workplace benefits, according to a study of employers by Aon Consulting, a human resources firm that is a division of Aon Corp., Chicago.
Both boomers (ages 45 to 60) and Generation Xers (ages 25 to 40) rank disability insurance as the top worksite benefit, Aon Consulting found.
Both age groups purchase DI more than any other employer-offered voluntary benefit, although the study did find the older generation showed a stronger preference for the coverage. Aon found 45% of employers say boomers buy DI at work, compared to 37% who say Gen-X workers do the same.
In second place for both groups: life insurance (individual whole life, universal life and variable life)–with 23% identifying it as most popular among boomers and 24% for Gen-Xers.
However, Aon also found sharp differences between the two groups on other voluntary benefits, notably in their purchase of long term care insurance.
For 11% of employers, boomer workers see LTC insurance as the most popular voluntary benefit, while about 5% of employers say it was Gen-Xers’ favorite.
For 14% of employers, the third-ranked voluntary benefit was individual home, auto or liability insurance.
A big reason for the difference: More boomers have begun caring for their parents, which has prompted many to see the benefits of having LTC insurance for themselves, according to Garry Sullivan, senior vice president with Aon Consulting.
Many Gen-Xers, on the other hand, recently bought their first homes and are looking to protect their new investment, he notes.