Meeting the Financial Needs of a Multigenerational Workforce

A recent study from MetLife shows that each generation has their own unique financial concerns, and they want their employers to provide help.  1 in 3 employees think their employer should help them address concerns about financial security; moreover, the study found that decreasing financial worries through company benefits can actually improve employee satisfaction.¹  What employees need is a financial wellness program that caters to every stage of life: the My Secure Advantage (MSA) Financial Wellness program.

Generation Y wants financial security.

With an age range of 20 – 34, Gen Y has entered the workforce with hefty student loans and the worry of meeting their own children’s costs of college education,¹ especially since the average student loan debt has been around $30,000 for the last 5 years, and college costs continue to increase.²  If Gen Y employees consider the financial responsibilities ahead of them (by looking at their colleagues and parents’ situations), all they see is major credit card debt and the potential for running out of money in retirement.  Gen Y wants to make sure they don’t repeat the mistakes of those who went before them, and Gen Y employees are looking to employers for assistance.

With the MSA Financial Wellness program, employees gain access to personal, trustworthy money coaches.  Their coach will help them establish a strong financial foundation with a spending plan that makes the most of their paycheck and addresses their financial concerns.  With on-going support through one-on-one consultations, Gen Y employees will create an action plan, so they can achieve their goals of paying off student loans, saving for their kids’ college education, and avoid the financial challenges their predecessors face.

Generation X is concerned about financial decisions involving family.

Gen X employees are somewhere between 35 and 50 years of age, and they’re worried about daunting financial responsibilities.  Main financial stressors include paying off major credit card debt (41%), their children’s college education costs (48%), building/outliving retirement savings (54%), and still having enough to pay the bills (60%).  With all the money challenges hanging over them, Gen X is wondering how they’re going to take care of their family.¹

Young Baby Boomers are worried about meeting their financial obligations.

Young Baby Boomers (ages 51 – 64) feel the weight of money management, and their main stressors revolve around retirement, benefits, and health.  57% of young Baby Boomers are troubled by the size of their nest eggs and the real possibility of outliving their savings.  49% are also extremely concerned about their ability to afford the benefits package that’s best for them, and 41% are concerned that their employer will reduce their benefits.  What’s more is 54% are worried about meeting medical costs.  Such stressors not only weigh down the employee, but the employer as well; after all, consequences include lower levels of productivity, loyalty, and satisfaction.¹

By working with a Money Coach, employees gain confidence for their retirement and their benefits.  MSA’s services include the chance to work with a Retirement Specialist.  Employees could even use the calculators on their personal MSA web portal to estimate how much they need to save for retirement, how long their nest egg will last, and more.  MSA also helps employees understand possible decisions concerning their benefits.  For example, they could learn more about considerations regarding their 401(k), the difference between FSAs and HRAs, and meeting deductibles.

Older Baby Boomers want to spend less and save more.

Older Baby Boomers (65+) are trying to establish the financial grounding they need to make it through retirement.  1 in 4 employees are postponing their retirement because of financial challenges, and half of older Boomers are worried about outliving their retirement savings; consequently, they’re trying to spend less and save more.¹

MSA Money Coaches strive to eradicate financial stress and teach employees smart financial habits, so they can use money wisely.  No matter where an employee stands financially – whether they live paycheck to paycheck, or have money to burn – a Money Coach will show them how to be financially responsible.  Through accountability and education, a Money Coach can help older Boomers feel confident about finances and retirement, and still feel comfortable with their lifestyle.

With the MSA Financial Wellness program, employees get the education they need to address their financial concerns, no matter what stage of life they’re in.  MSA has what it takes to help a multigenerational workforce.  Meet your financial needs today by calling 888-724-2326.

¹Benefits Impact: Delivering Dynamic Benefits for a Loyal Workforce.  MetLife, 2015.  Web.  12 May 2015.  PDF.

²The Institute for College Access & Success.  Web.  13 May 2015.

³Atchison, Amy and Rob Austin, FSA, EA.  2014 Hot Topics in Retirement: Building a Strategic Focus.  Aon Hewitt, 2014.  PDF.