{"id":14371,"date":"2015-12-09T15:00:41","date_gmt":"2015-12-09T15:00:41","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/2015-12-09-study-age-gender-impact-employee-benefit-preference\/"},"modified":"2022-11-13T21:58:07","modified_gmt":"2022-11-14T02:58:07","slug":"2015-12-09-study-age-gender-impact-employee-benefit-preference","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/2015-12-09-study-age-gender-impact-employee-benefit-preference\/","title":{"rendered":"Study: Age, Gender Impact Employee Benefit Preference"},"content":{"rendered":"<p>New <a href=\"https:\/\/www.prnewswire.com\/news-releases\/new-massmutual-study-finds-employee-benefits-preferences-vary-by-generation-and-gender-300186877.html\" target=\"_blank\" rel=\"noopener\">research<\/a> from MassMutual found that preferences for healthcare insurance, retirement savings, vacation, and other benefits for U.S. employees largely hinge upon workers&#8217; generation and gender, complicating benefit choices for employers with diverse workforces. Overall, 47% of American workers age 18 and older prefer more vacation time, and 44% prefer better 401(k) matches. However, notable differences do exist amongst subgroups of respondents. The chart below shows the breakdown by generation, gender, and ethnicity for responses to: \u201cWhich three benefits would you most like to receive from your employer?\u201d<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2022\/08\/EmployeeBenefitMatrix.png\" alt=\"EmployeeBenefitMatrix\" width=\"898\" \/><\/p>\n<p>Upon closer inspection, however, Baby Boomers (ages 50-70) and Millennials or Generation Y (ages 15-35) opt for more time off from work while Generation X (ages 36-49) favors richer retirement benefits. Men tend to prefer more time off while women focus more on health-related benefits, like free gym memberships.<\/p>\n<p><!--space--><\/p>\n<h4 id=\"generational-preferences\">Generational Preferences<\/h4>\n<p>After choosing more time off, Boomers expressed preferences for financial benefits. 43% of Boomers would like better 401(k) matches, 38% would appreciate having free healthcare coverage, and 24% wanted more investment choices for their retirement savings. Four in 10 (43%) want expanded healthcare benefits. Breaking with Boomers, Millennials like the idea of flexible work schedules (43%) and reimbursements for education and tuition (30%). But many Xers joined their Boomer colleagues in wanting better 401(k) matches, most likely a reflection that few Xers have access to pensions and that many Boomers having not saved enough for retirement.<\/p>\n<p><!--space--><\/p>\n<h4 id=\"gender-preferences\">Gender Preferences<\/h4>\n<p>Men&#8217;s benefits of choice were more vacation time (50%), better 401(k) matches (43%) and flexible work schedules (39%). Women&#8217;s preferences were more evenly spread between more vacation (44%), better 401(k) matches and flexible work schedules (40%), expanded healthcare premiums (37%) and free gym memberships (31%). In addition, there were bigger disparities between men and women when it came to benefits such as free gym memberships (men: 20%; women: 31%), education\/tuition reimbursement (men: 18%, women: 27%), and more investment choices for retirement (men: 18%, women: 11%).<\/p>\n<p>According to Elaine Sarsynski, Executive Vice President of MassMutual Retirement Services and Worksite Insurance, employers should address the varied preferences for employee benefits by \u201coffer[ing] as broad a menu of benefits as possible and consider[ing] offering new or expanded benefits on a voluntary or employee-paid basis. There clearly isn\u2019t a set of specific benefits that appeals to all U.S. workers or even a subgroup of workers (the most popular categories topped off at 50%). This further emphasizes the need for diverse benefits even for non-diverse groups.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Study: Age, Gender Impact Employee Benefit Preference<\/p>\n","protected":false},"author":1,"featured_media":14372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-14371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-facts-and-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Study: Age, Gender Impact Employee Benefit Preference | Wellable<\/title>\n<meta name=\"description\" content=\"Study: Age, Gender Impact Employee Benefit Preference\" \/>\n<meta name=\"robots\" content=\"index, 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