Boomers and GenXers Share Values in Voluntary Benefits

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A new survey reveals similar values between Baby Boomers and Generation Xers when it comes to choosing voluntary benefits.

The Aon Associates survey found that the top voluntary benefit purchased by both groups was disability coverage — 45% of employers surveyed say Baby Boomers purchase disability coverage, while 37% say Gen X workers do the same.

The second ranked voluntary benefit was also the same for both groups. Twenty-three percent of those surveyed said Baby Boomers (aged 45-60) purchase life insurance and 24% said GenXers purchase it.

However, the similarities end there, as companies rank long-term care insurance as the third most popular voluntary benefit for Baby Boomers (11%), while individual home/auto/liability insurance is third among Generation X workers (14%), according to the release.

The study, “What’s Hot and What’s Not in Voluntary Benefits,” found that companies offer voluntary benefits as a tool to attract and retain employees (29%), in response to employee requests (28%) and to help employees with work/life balance (25%), and 80% of workers perceive voluntary benefits to be extremely valuable or valuable. However, 67% of companies surveyed said they do not measure the success of these programs, or do so only as needed.

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