In addition, Gen Zers are nervous about the future. Specifically, 44 percent fear Social Security and other government programs will be out of money when they retire, according to the same TD Ameritrade survey.Perhaps that's why this group of young people is serious about money and savings. Research shows:

• 57 percent of Gen Zers believe saving is very important.
• If handed $500, 90 percent of Gen Zers would save at least some of it.
• 36 percent have a budget and say they stick to it.

But what do Generation Z's concerns about money and the commitment to savings mean for benefits brokers? Quite simply, that this younger generation is a natural fit for insurance products that can help them protect the money they're setting aside for the future. In fact, a Randstad study showed that Gen Zers are very interested in health care benefits: 38 percent ranked health care coverage as the most important benefit they want from an employer, compared to 17 percent who desire work flexibility and 9 percent who value paid vacation time. 

Because they're savings-prone, this group will likely be able to cover the relatively small expenses stemming from dental visits and eye care. However, larger bills stemming from accidents or injuries could wipe out their savings, making voluntary insurance policies such as critical illness, accident and hospital insurance not only an option, but a necessity to help safeguard their savings and plans for the future. After all, illnesses or injuries that lead to emergency room visits or inpatient care can often result in bills that are financially distressing – especially when the patient is new to the workforce and has an entry-level salary. 

In addition to wanting a robust benefits offering, this generation will also want these benefits offered through a retail-like experience. According to the Aflac Healthcare 2025 survey, this generation will force the health care industry to innovate and stay on par with the digital-driven customer service experiences they have with other industries. In an age of increasing electronic communication and devotion to social media, Generation Z has become conditioned to do its own research about companies, products and services. In fact, more than half (51 percent) of consumers already expect online tools that provide health care treatment options and costs, and 46 percent expect to see doctor, hospital, nursing home and other types of provider ratings online. With this generation conducting more of their own research in regards to benefits, brokers should consider a balanced approach of traditional purchase recommendations and employee benefits education that guides them through their personal decision-making process. Successful brokers can blend their experience and expertise with additional education, transparent resources and tools that will help employees make smart benefits decisions. 

Members of Generation Z are still evolving – the youngest members of the group are still in their mid-teens – but their interest in setting aside funds for the future is a very good sign for benefits professionals. Brokers and agents who begin adjusting their strategies and expanding options now to address client and consumer needs and demands will be better equipped to thrive in the ever-changing benefits landscape. Taking these insights into account today can provide an edge on success – 10 years from now and well into the future. 

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This content is for informational purposes only and is not intended to be a solicitation