Study shows younger workers willing to pay for benefits

Half of Gen Y and Gen X workers employed by companies with fewer than 500 employees are putting more of an emphasis on benefits to achieve financial security, according to a study from insurer MetLife.

Two-thirds of Gen Y and Gen X small business employees said they would be willing to pay more for their benefits rather than risk losing them. And more than half said they would be interested in having a wider range of so-called voluntary benefits offered them even if that meant paying the full tab for benefits such as life, dental, vision, disability, critical illness and homeowner/auto insurance.

More than four in five small business employers said an important objective of benefits is retaining workers, and younger employees who were very satisfied with their benefits package were much more likely to feel a very strong sense of loyalty to their employers: 72 percent versus 46 percent for workers overall.

“Our study underscores that generational differences about benefits needs and preferences are not just reflections of age. Younger workers, particularly those in many smaller organizations that were hit very hard by the recession and who are unsure about the future of Social Security,  have a different benefits perspective than older generations,” said Anthony Nugent of MetLife.

6 comments Add your comment

Independent voter

August 21st, 2012
9:33 am

Labor Unions and minimum wage/benefits laws make it harder for younger folks and yes women and minorities to get that 1st job…. we all worked part time jobs while in school. they can’t get experience OJT without that 1st job !! if Min. wage was say $5.00/hr.. companies would hire many more people. No it’s not a living wage BUT only 10% of workers stay at min. wage $7.50 … companies not willing to hire these entry level jobs

Mitt

August 21st, 2012
11:30 am

@independent… what does that rant have to do with the article? thanks for showing us your an idiot.

Independent voter

August 21st, 2012
11:47 am

Mitt.. if they don’t have JOBS.. they can’t pay for benefits… then companies hire temps with no benefits .. Duh ???

Golock McTinder

August 21st, 2012
12:44 pm

@ Independent voter

And if their job pays $5/hr., they still can’t pay for benefits.

not an independent

August 21st, 2012
5:07 pm

Independents point is that if there were a lower min wage then they would hire more people because it would not cost so much to train them. Then after they are trained they would raise there wages after they had training and the longer they stay with a company.

DiscountDental4U.netAnd

August 22nd, 2012
10:40 am

While two thirds of Gen Y + Gen X small business employees are willing to pay more for their health benefits, the survey doesn’t say how much more they are willing to pay for. If it’s a small increase, say 5% or less, I’m sure this case but if it’s more like 25% increase, I’m sure there will be a lot less please willing to pay more for their benefits.

I just wish those taking the survey would be more specific in they are questioning of people.