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April 29, 2009 at 08:00 PM
Credit card companies have a stake in making sure that young workers have some kind of disability insurance, according to researchers at Unum Group Corp.
When the researchers at Unum, Chattanooga, Tenn., commissioned a survey of 1,353 U.S. adult consumers, they found that 16% of the “Generation Y” participants without disability insurance said they probably would cope with a disabling illness or injury by borrowing from credit cards.
Unum researchers classified participants ages 18 to 30 as being in Generation Y, and participants ages 44 to 62 as baby boomers.
About 39% of Gen Y participants without disability coverage said relying on savings would be one of two likeliest options if they could not work, and 33% said they likely would borrow from friends and family. But many said they would depend on credit cards – even though the card companies have been slashing credit limits in recent months.
