According to a new study, Millennials are more realistic and financially savvy than many give them credit for. The survey conducted by Anthem found that a full 35% of Millennials between 18 and 34 have turned down a job offer at least partially due to dissatisfaction with the insurance options from the employer. This compares to just 27% of respondents of all ages in the workforce.
Millennials are also far more likely than the previous generation to engage in long-term financial planning at 29% among Millennials compared to 19% of 35- to 54-year-olds.
While employers are all increasing their financial wellness offerings, Anthem says that they’re missing an opportunity by failing to improve their insurance offerings as well. A particular form of insurance that Anthem suggests for employers is disability insurance as these policies can benefit employers as well as employees. By integrating disability and medical benefits, Anthem says it can reduce benefits administration costs while helping employees return to work sooner.
Disability insurance offers the greatest benefit to employees, especially those who aren’t paid well and live paycheck to paycheck.
Among survey respondents who didn’t have disability insurance, more than half said it was because it wasn’t offered by their employer and 32% said it was just too expensive.