- The perception that baby boomers and millennials share little when it comes to technology may be true in some ways, but a recent survey of employees found that to be the case in only in two out of three work-related areas explored.
- Willis Towers Watson's Global Benefits Attitudes survey of nearly 5,100 American employees uncovered that when it comes to personal finances and healthcare, millennials value technology more their their older colleagues. But when it comes to managing retirement savings, the two generations value tech-fueled apps and tools equally.
- Two-thirds of both millennials and baby boomers (66%) agree that those mobile apps/tools are either important or very important to manage and track the value of their retirement savings, and 59% of millennials also highly value tools to help monitor when they will be able to retire and how much income they can expect in retirement. Roughly the same percentage of boomers (54%) feel the same way.
“There is a misconception that boomers don’t have much need or use for technology, especially when it comes to preparing for retirement and managing their finances once their working days are over,” said Steve Nyce, senior economist at Willis Towers Watson. “In reality, all generations of employees feel vulnerable about their long-term financial security and ability to retire comfortably."
Employers are in a unique position to assist employees in making life-impacting decisions about personal finances, retirement savings and health — and to bring high-value technology and services that meet workforce needs. Given the explosion in apps and personal technology, employers can support employees with higher-quality services that offer personalized convenience, faster decision making, lower costs and healthier lifestyles, said Shane Bartling, senior consultant at Willis Towers Watson.