In a world where 15 minutes of fame has become 15 seconds, our greatest generation, the Millennials, are now preparing for retirement! Yep, that’s right kids, the Millennials are aging!
Pentegra recently released there 2018 Millennial Benefit Report (because isn’t that what every Benefit Analyst/Mgr needs in their HR shop a report that only focuses on one part of your workforce!) and they found the Millennials are concerned with some things I don’t think most of us would expect:
– 401K and retirement savings were the #1 benefit concern amongst Millennials! (Did you expect that?)
– #2 concern? Health Insurance (expected) tied with Pensions (Um, what!? What Millennial is expecting a pension?)
– HR Pros ranked Telecommuting and Flex-time as important benefits for Millennials, even though, those didn’t make the top 5 for what Millennials actually ranked as important benefits. (Disconnect alert!)
HR pros also believe Millennials are basically idiots when it comes to understanding their health insurance benefits. News alert! We are all idiots when it comes to understanding our health insurance benefits because insurance companies make it extremely complex in hopes we won’t actually pay attention when they bill us for stuff they shouldn’t.
So, I’m on a rampage to get executives to stop calling young people “Millennials”. Millennials are old people now! They only care about their 401K, a pension plan, and if their health insurance will cover their hip replacements!
By the way, how can “Pension” be the #2 concern of Millennials? Of really anyone under the age of 70 at this point in our society!? Almost no organizations are giving out pensions anymore. In fact, I would bet that if you asked 100 Millennials to define “Pension” less than 10% could do it. I bet 100% of GenZ couldn’t do it!
I question any study that says it’s about Millenials and Benefits and lists pensions as a concern!
This brings up a really good point about the studies we keep wanting to show to our executive teams as valid data to make decisions. Most ‘studies’ you are getting from a vendor, aren’t really validated studies, but simple marketing materials designed to get you interested in the products and services they are pimping.
I don’t even know what Pentegra sells, but if I had to bet one of my kids on it, I’m guessing they’re selling retirement products to organizations. Without even knowing anything about them! Was I right?! Of course, I was!
So, what do you think? Are Millennials really concerned with 401Ks and Pensions? My guess is they’re probably more concerned with buying a house and raising their kids. That will lead to concerns about based pay, health insurance, and college savings. Does retirement come up, eventually? Sure it does. But, for most, it’s not #1.