Close Close
ThinkAdvisor

Life Health > Health Insurance > Your Practice

Survey: Recession Slams Gen Y

X
Your article was successfully shared with the contacts you provided.

Everyone seems to be struggling these days, but the youngest workers may be struggling more.

Researchers at MetLife Inc., New York, have reported that finding in a summary of results of a recent survey of about 1,300 full-time U.S. workers ages 21 and older at employers with a minimum of 2 employees.

The researchers classified participants born between 1977 and 1987 as members of Generation Y; participants born between 1965 and 1976 as members of Generation X; and participants born between 1946 and 1964 as baby boomers.

About 53% of those participants said they now are living paycheck to paycheck, up from 50% in 2007. In contrast, 44% of the Gen Y participants’ older colleagues said they are living paycheck to paycheck.

The percentage of participants who said they were very concerned about having enough money to make ends meet was 73% for the Gen Y participants, 56% for the Gen X participants, and 62% for the baby boomers.

When the researchers looked at insurance ownership, they found that just 46% of full-time Gen Y workers have disability insurance, and that 33% have no life insurance, while 59% of older full-time workers have disability insurance and only 20% lack life insurance.

More on this topic

The economy has prompted 49% of the Gen Y participants to think more about life insurance needs, and 35% to think more about disability insurance needs.

Some other MetLife findings about Gen Y workers:

- 45% said the economy has caused them to be more interested in understanding their workplace benefits.

- 45% said they would like employer-provided access to benefits advisors, and 52% said they would like employer-provided access to retirement planning advisors.

- Only 35% said they are very satisfied with the benefits they receive through their employers.