Gen Y More Knowledgeable about Benefits

The percentage of members of Generation Y who said they are extremely/very familiar with life insurance jumped from 31% in 2008, to 44% in 2010. The percentage who said they are extremely/very familiar with retirement accounts grew from 31% to 43%. And those who said they are extremely/very familiar with disability insurance increased from 16% to 24%.   

According to Unum research, the 2010 study showed the workplace continues to be Gen Y’s most reliable source for benefits information, with 68% of respondents citing it as a top resource. However, they are also more likely to seek out information about financial protection benefits online than they were just two years ago.   

The percentage that uses insurance company Web sites to learn about benefits providers grew from 32% in 2008 to 44% in 2010. The percentage that visits consumer advice Web sites grew from 21% to 27%.  The percentage that participates in online forums or blogs increased from 7% to 12%.   

As their use of online resources grew, Gen Y’s reliance on family and friends as a source of benefits information diminished. Between 2008 and 2010, the percentage who said they rely on parents for benefits information fell from 60% to 42%. The percentage citing friends as a resource for benefits guidance dropped from 30% to 21%.