New study by LIMRA shows that many people do not identify with labels like ‘millennial’
The difference between millennials, gen-x or baby boomers is a common discussion in the advisory business. Are your boomers clients adequately prepared for retirement? Is there an insurance gap among your gen-x contingent? What do I do to reach more millennials and safeguard the future of my business?
It’s generally accepted that these generational divides are well-founded and there are distinct differences between the different age groups. There are host of studies done each year looking at this issue, and the life insurance industry is no different. According to new research by LIMRA, however, painting a whole generation with the same brush leaves huge margins for error.
The LIMRA Secure Retirement Institute has published a report examining popular generational labels and how they intersect with retirement attitudes. The Institute looked at millennials (ages 18-35), generation x (ages 36-51), baby boomers (ages 52-70), as well as the often ignored silent generation (ages 71+). The research found that two thirds of consumers think their generational label applies to them well. This meant that a significant amount of the population do not identify with such labels and some of the pre-conceived opinions that go along with them.
The study showed that half of women aged 18-35 do not think the millennial label applied to them. Only 13% of the silent generation meanwhile identified with that tag.
The issue appears to be the large age gap when it comes to classifying these generations, which typically spans close to two decades, and more in millennials’ case.
Not surprisingly, the study revealed that younger and older boomers have different ideas about retirement, with those in their late 50s/early 60s less confident about their retirement prospects than older boomers.
Millennial men in contrast have the highest expectations for their retirement lifestyle, while gen x women are least confident in achieving their desired retirement lifestyles.
When it comes to saving and planning for retirement, 60% of non-retired consumers say saving for retirement is a top priority. In general, men are more likely than women to make retirement saving a priority. Two thirds of men agree saving for retirement is important compared with just 51% of women. Millennial men are the most engaged with their retirement saving — 71 % of millennial men say that saving for retirement is a top priority and 62% are very involved in monitoring or managing their retirement.
Related stories:
Confused millennials are foregoing life insurance, shows new LIMRA study
Working millennials seek more flexible benefit plans
It’s generally accepted that these generational divides are well-founded and there are distinct differences between the different age groups. There are host of studies done each year looking at this issue, and the life insurance industry is no different. According to new research by LIMRA, however, painting a whole generation with the same brush leaves huge margins for error.
The LIMRA Secure Retirement Institute has published a report examining popular generational labels and how they intersect with retirement attitudes. The Institute looked at millennials (ages 18-35), generation x (ages 36-51), baby boomers (ages 52-70), as well as the often ignored silent generation (ages 71+). The research found that two thirds of consumers think their generational label applies to them well. This meant that a significant amount of the population do not identify with such labels and some of the pre-conceived opinions that go along with them.
The study showed that half of women aged 18-35 do not think the millennial label applied to them. Only 13% of the silent generation meanwhile identified with that tag.
The issue appears to be the large age gap when it comes to classifying these generations, which typically spans close to two decades, and more in millennials’ case.
Not surprisingly, the study revealed that younger and older boomers have different ideas about retirement, with those in their late 50s/early 60s less confident about their retirement prospects than older boomers.
Millennial men in contrast have the highest expectations for their retirement lifestyle, while gen x women are least confident in achieving their desired retirement lifestyles.
When it comes to saving and planning for retirement, 60% of non-retired consumers say saving for retirement is a top priority. In general, men are more likely than women to make retirement saving a priority. Two thirds of men agree saving for retirement is important compared with just 51% of women. Millennial men are the most engaged with their retirement saving — 71 % of millennial men say that saving for retirement is a top priority and 62% are very involved in monitoring or managing their retirement.
Related stories:
Confused millennials are foregoing life insurance, shows new LIMRA study
Working millennials seek more flexible benefit plans
