Millennials worry more about financial security

Millennials are pessimistic about their financial futures and are looking to their employers for help when it comes to addressing financial matters, according to a new MetLife survey released in advance of the upcoming open enrollment season for employerprovided benefits.

Open enrollment presents a prime opportunity for employers to build loyalty among millennial workers and increase retention, the insurance company’s study concluded. That’s key, since millennials will soon make up almost half the workforce.

Just under half of millennials (44 percent) told MetLife they want their employer to help them solve their financial concerns, a response more than double that of boomers (20 percent). Similarly, threefourths (75 percent) of millennials say their employers have a responsibility for the financial wellbeing of their employees.

Only 52 percent of millennials had an understanding of life insurance, compared to 69 percent of baby boomers. Similarly, only 38 percent of millennials had an understanding of longterm disability insurance, compared to 57 percent of boomers.

Employees are also unclear about the practical and financial value of voluntary benefits, with only 47 percent of employees agreeing that nonmedical benefits can help them limit their outofpocket medical expenses. For employees without a savings cushion of three months — that’s about 65 percent of millennials — those expenses could lead to a financial drain.