Skip to main content

Beyond Benefits, Gen Z Wants a Mentor

What does Generation Z want from employee benefits — and from employers? This age group's expectations are less about quick, radical change and more about gradual shifts and partnership.

While open to newer benefits, this cohort isn't prioritizing benefits like pet insurance. Instead, Gen Z is primarily concerned with bread-and-butter issues like health care and retirement. But that doesn't mean the approach to benefits for this generation needs no refining.

Support Gen Zers Say They Have

Two bar charts, one showing the financial support Gen Z says they have from employers, and one showing the support they would value from employers. For retirement savings, 73% report having a retirement savings plan compared to 93% who say they would value it. For other financial assistance, 46% report having other financial assistance compared to 85% who say they would value it. For financial education and advice, 46% say they have it compared to 80% who say they would value it.

Support Gen Zers Say They Value

Two bar charts, one showing the financial support Gen Z says they have from employers, and one showing the support they would value from employers. For retirement savings, 73% report having a retirement savings plan compared to 93% who say they would value it. For other financial assistance, 46% report having other financial assistance compared to 85% who say they would value it. For financial education and advice, 46% say they have it compared to 80% who say they would value it.

Shifting Expectations

Wanting employers to help them solidify their financial security isn't unique to Gen Z. But this cohort is looking to employers for support historically provided by banks, families and even government. Gen Z also favors benefits providers willing to respond to societal challenges, expecting much more from carriers than it does from other businesses.

Members of Gen Z aren't asking for paternalistic support. But they do want employers and carriers to partner with them on preparing for the future — both through benefits and help with financial literacy. Carriers that seize the opportunity to build this generation's loyalty over the long term will have an advantage. Employers working with these carriers will also gain by attracting and retaining Gen Z talent.

Gen Z’s Top 5 Benefits

1. Health/medical insurance

2. Paid family and medical leave

3. Retirement savings plan

4. Life insurance

5. Emergency savings account/mental health days (tied for fifth place)

Dig Deeper

For a more in-depth look at what we learned, explore these position papers.

Evolution, Not Revolution

Gen Z's traditional goals point to success through refining – not remaking – employee benefits.

Protector, Provider and Mentor

Gen Z has new expectations for employers.

Breaking News: Benefits Providers Are the Good Guys

Find out how employers can use carriers to attract and retain Gen Zers.

What Do You Think?

Was this content relevant for you?
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Jump back to top