millenial man with laptop

Millennials and
workplace benefits:
What really
matters1

Millennials’ views are changing

As they move into different life stages, millennials’ priorities are evolving—and their financial and insurance needs are following suit.

Who are millennials?

Younger millennials were born between 1989-1995
Older millennials were born between 1977-1988

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65% of millennials would take 10% less pay in exchange for better benefits.

Which benefits are most important?

Over time, retirement benefits and life insurance are increasingly important to millennials.

Attracting millennials

Trendy workplace perks make for viral social media posts, but an overwhelming majority of millennials say that health insurance and retirement benefits are more essential job requirements.

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44% of millennials turned down jobs that didn’t offer the benefits they wanted.

What do millennials require before accepting a job?

Like previous generations, this generation wants benefits that provide financial security.

What about Gen Z?

For those born in 1996 and after, the most important workplace benefits are:

Retaining millennials

As they grow older, more millennials plan for their future—and benefits become more important to them.

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57% of millennials stayed at jobs they didn’t like because of good benefits.

What influences millennials to stay at a job?

More than half of our respondents rated employee benefits as one of the most important factors in their decision to stay with their current employers.

What about Gen Z?

For those born in 1996 and after, the most important job aspects are:

Educating millennials

For years, we’ve heard that millennials prefer to turn to the web for financial information. In reality, they are most likely to trust advice they receive from individuals.

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Helping millennials get the benefits they want.

When selecting benefits, millennials want to clearly understand how they work and what they cost.

What’s most important in deciding which benefit to choose?

Most turn to a trusted resource to make financial decisions.

When it comes to trusted sources, social media, online searches, and the news are at the bottom of millennials’ lists.

Older millennials were born between 1977-1988

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When navigating benefits, 53% of millennials say they're not sure where to start.

Which financial topics do millennials want the most help with?

two millenial women

What about Gen Z?

Those born in 1996 and after want to know about these benefits:

Dive deeper

Discover how employers can successfully tailor financial and insurance benefit packages to meet generation-specific expectations and help empower employees to achieve financial well-being.

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free report:

What it takes to
attract and retain
millennial talent
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