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Generational differences in benefit preferences

When it comes to voluntary benefits, millennials have different priorities than Gen Xers and Boomers.

LIMRA Chart

Education is the key to success. It’s a message millennials have grown up hearing, and one they’ve taken to heart. New research from LIMRA finds that education benefits are a top priority for this generation, with 48 percent reporting it as an important employer-provided benefit. In comparison, the study, A Matter of Opinion: Employer and Employee Perceptions of Benefits Priorities and Strategies, found just 34 percent of Gen Xers and 20 percent of Boomers consider education benefits important.

The differing views are likely attributable to each generation’s life stage. Older generations are focusing more on retirement and financial planning. Gen Xers and Boomers put more stress on disability insurance (50 percent and 63 percent) than their younger coworkers (33 percent). Meanwhile, with many millennials starting families, 4 in 10 see parental leave as an important benefit.

Related: Benefits and the job offer: 5 tips for millennials, 5 for HR pros

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Emily Payne

Emily Payne

Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.

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