The workforce in today’s society is continuing to change. As Boomers continue to retire, positions open up for new generations. The tail end of the Millennials has entered the workforce, which means the attention will turn to the next generation, Gen Z. According to LIMRA research, in fewer than ten years this younger generation with make up 20 percent of the U.S. workforce.
The oldest Gen Zers will enter college and/or the work force soon. How can you help them prepare for their financial futures?
When presenting research on the generations, I'm often asked why so much attention is given to Gen Y and so little to Gen X. LIMRA and other organizations certainly study Gen X (ages 33-50) but it's fair to say they receive less attention than Gen Y (ages 25-32) and Baby Boomers (Ages 51-65).
In the 2016 Insurance Barometer Study 56 percent of consumers said they were concerned about supporting themselves if they became disabled and could not work.
When it comes to employee benefits, where you are in life impacts what you feel is most important. LIMRA research finds Millennials place a greater level of importance on education and parental leave than Generation X (Gen X) and Baby Boomers.
In fewer than 10 years, people born after 1996 will constitute about 20 percent of the U.S. workforce. That's an almost equal share of the U.S. workforce population with Millennials and Gen Xers.
A LIMRA research study on bank customer loyalty revealed that with the right approach, Millennials represent a long term growth opportunity for financial institutions.