Research from The Guardian Life Insurance Company of America suggests that Millennials are the most confident about their abilities to make the right benefit decisions, with 96 percent feeling "highly confident" versus 66 percent of Gen Xers and 64 percent of Baby Boomers.
Millennials are more likely than their older co-workers to say they enrolled in available benefits options (50 percent versus 30 percent of Gen Xers and 31 percent of Baby Boomers). However, the survey also reports that only 78 percent of Millennials are enrolled in available benefits compared with 92 percent of older colleagues, particularly life (48 percent versus 71 percent of both Gen Xers and Baby Boomers) and disability insurance (53 percent versus 68 percent).
A majority of workers say they try to better understand their benefits options by reading their benefits materials (77 percent) and reviewing their prior year's selections (66 percent), however, a minority reported that they have attended benefits meetings (37 percent), spoken with a benefits advisor (29 percent), used online planning tools (28 percent) or spoken with a carrier representative (14 percent) prior to enrollment.
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