Millennials Are the Largest Proportion of the Workforce and They Want Estate Planning!
Millennials are not only the largest generation in history but they’re also the largest workforce demographic our country has ever seen. Currently, Millennials represent 35% of the workforce and are projected to represent 75% of the global workforce by 2025. This shift makes it increasingly clear that keeping millennials happy will mean keeping your business successful. Where Baby Boomers have been known for their strong work ethic, loyalty to employers and preference for structure in the workplace, Millennials tend to prioritize flexible working conditions, purpose-driven work and the use of technology.
While a significant 72% of employees express interest in estate planning benefits, only 13% of employers currently provide this option. This is an opportunity for you to set yourself apart from other employers and attract top talent.
Millennials Care About Estate Planning
As Millennials emerge as a conscious generation when it comes to planning ahead, estate planning is revealed as the perfect addition to any benefits package. Millennials are more likely to have an estate plan than Gen Xers and Baby Boomers. Millennials are more concerned about financial wellness and generational wealth than any other generation before them. 78% of Millennials believe in the importance of building generational wealth as opposed to 45% of older generations. Millennials are more likely to worry about their wealth transfer than any other generation.
On top of that, Millennials are very comfortable with all things digital and are leading the way in online estate planning, making it an ideal benefit.
Further, Millennials are more adamant about their wellness and how their employers support it. Around 50% of Millennials say they would quit their job if they felt their mental health was negatively impacted due to lack of support and benefits.
Did you know that a whopping 89% of Millennials would choose better benefits over a pay raise? That means that by providing them with estate planning as a benefit, you could be saving money.
Special Considerations for Millennials and Estate Planning
Millennials may just be the most demanding generation especially when it comes to estate planning. They are the most aware, the most proficient, and the ones with the most “stuff.” That’s right, as opposed to generations before them, for Millennials, estate planning is more than just money and property. They also care about their digital life and pets, for instance.
An Estate Plan That Values Your Digital Life
At GoodTrust, we pride ourselves on our comprehensive service. We go beyond traditional estate planning services like wills, trusts, and directives, and venture into the realm of digital legacy which may be what attracts your millennial workforce the most. Millennials are 29% more likely to want to keep their online life private from their family, this includes texts, social media accounts, emails, and more. This is why 74% of those who have an estate plan appointed a digital executor to handle their online affairs according to their wishes. With the GoodTrust Digital Vault, users are able to securely store important documents, safeguard important passwords from accounts to phone codes, indicate how their online accounts ought to be handled after they pass, and ensure the safe passing of all things digital to their chosen beneficiaries.
An Estate Plan That Cares for Your Pets
Millennials represent the largest pool of pet owners at 33% followed by Gen X at 25%. 78% of Millennial pet owners choose to appoint a pet guardian in their wills and would greatly benefit from the full service of a Pet Directive. At GoodTrust, we are the only online estate planning software that offers a Pet Directive as part of our all-inclusive Estate+ plan. A Pet Directive is a comprehensive document that goes beyond assigning a guardian and allows pet owners to indicate their pets needs, wants, behaviors, habits, and more.
Estate planning is the benefit that checks all the boxes for your increasingly Millennial-dominant workforce!
Partnering with GoodTrust allows you to ensure you are providing your employees with an estate plan that aligns with their wants and needs. Start improving your benefits portfolio with us today, here.