Millennials

What Millennials Think About Your Financial Wellness Programs (You Might Be Surprised)

Mark Rader Financial Guidance

what-millennials-think-401k-fw-copyLast year, we published the results of a 1,000-person survey we conducted with Harris Polls, called What Your Employees Think About Financial Wellness Programs.

Here on the blog, we looked at the role of fear and embarrassment in people’s opinions, and the difference between the way men and women view financial wellness programs. Today, we’re going to look at what the survey tells about the wants and fears of Millennials (which we’re defining as workers between the ages of 18 and 34) when it comes to getting financial assistance from their employers.

Here are the highlights:

  1. Millennials are more likely to see the importance of financial wellness programs than workers who are 50+ years old (91% vs. 82%).

  2. Millennials are much more likely to say they would be likely to use resources to help them 1) plan for retirement and 2) manage their finances if they were available than every other age group (86% and 77% for younger workers; 66% and 60% for ages 35-49; 66% and 52% for ages 50+)

  3. Millennials are also more likely to say they “should know more about their employers’ financial wellness programs” than their colleagues ages 50+ (73% vs. 51%).

  4. Interestingly, all the above being true, Millennials also find financial wellness resources more intimidating (47% ages 18-34; 43% ages 35-49; 19% ages 50+) AND are more likely to say they think there’s a little bit of stigma associated with using such resources (43% vs. 36% for ages 35-49, and 31% for ages 50+)

Put another way: Millennials see the value of–and are motivated to use–financial wellness programs than older workers, but might be more reticent to actually use them, because they’re more fearful of being judged, or feeling dumb when trying to learn new stuff than older workers.

Interesting, isn’t it?

If reaching your Millennials about stuff like their 401(k), and credit card debt and smart budgeting techniques is a priority for you this year (or next), we can help.

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To find out even more helpful insights from our survey, download the whole thing here. (It’s super easy to digest.)