Millennial Milestones: First Job, Financial Decisions Are Signs Of Growing Up For Gen Y

HARTFORD, Conn.--()--Getting their first job and making financial decisions make Millennials (ages 18-31) feel like adults, according to The Hartford’s Gen Y Speaks Survey. More Millennials said they feel grown up with those two events compared to moving out of their parents’ homes and starting a family.

“Gen Y is growing up and redefining everything, including what it means to be an adult,” said Lindsey Pollak, Millennial career expert and spokesperson for The Hartford’s My Tomorrow Campaign. “While Millennials are moving out1 and getting married2 later compared to previous generations, they are no longer kids but leaders who are hitting key milestones in their professional and personal lives.”

The Hartford’s national survey found Millennials consider becoming an adult when:

  • Getting their first job (51 percent);
  • Making financial decisions (50 percent);
  • Moving out of their parents’ homes (38 percent);
  • Starting a family (27 percent); and
  • Getting married (23 percent).

Forty-two percent of those surveyed said their health is their greatest asset, followed by their job/paycheck (26 percent). However, Millennials said starting a family was the top event that triggered the need for both life and disability insurance (62 percent and 43 percent respectively). Getting married and landing their first job tied (32 percent) as the second milestone that results in the need for disability insurance.

“It is notable that Millennials are waiting until they have a family to protect themselves with life and disability insurance, leaving them exposed to the impact of an injury or illness,” Pollak said. “That’s why it is important for them to invest in themselves starting with their first job. My message to Millennials is: Protect your potential. You are totally worth it.”

After its research showed low understanding of insurance benefits among Millennials, The Hartford launched an educational campaign with Pollak in 2012. The Hartford is partnering with her for a second full year for its My Tomorrow Campaign. Throughout 2014, she will continue offering career tips and discussing the latest workplace trends on The Hartford’s My Tomorrow website (www.thehartford.com/tomorrow).

In addition, Pollak will share her upcoming book on Gen Y leadership. Set for release this fall, her how-to book for Millennials includes quotes from Liam E. McGee, chairman, president and chief executive officer of The Hartford.

“Our research shows there continues to be a huge educational opportunity with Millennials,” said Mike Concannon, executive vice president of The Hartford’s Group Benefits business. “We are focused on providing resources to help consumers understand their benefit options, make informed financial decisions, and protect themselves and their families.”

The Hartford and Pollak are continuing the conversation about adulthood via social media. You can join the discussion by sharing your grown-up moment and using the hashtags #grownupnow and #mytomorrow.

The Hartford Gen Y Speaks Study Methodology

In December 2013, ORC International’s Millennial Generational CARAVAN® Omnibus conducted the online survey of more than 500 adults, ages 21-31, who are employed full-time or self-employed and have attended college.

About The Hartford

With more than 200 years of expertise, The Hartford (NYSE:HIG) is a leader in property and casualty insurance, group benefits and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com. Join us on Facebook at www.facebook.com/TheHartford. Follow us on Twitter at www.twitter.com/TheHartford.

The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including issuing companies Hartford Life Insurance Company and Hartford Life and Accident Insurance Company. Policies sold in New York are underwritten by Hartford Life Insurance Company. The headquarters of both companies is Simsbury, Conn.

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1 http://www.pewsocialtrends.org/2013/08/01/a-rising-share-of-young-adults-live-in-their-parents-home/

2 http://www.gallup.com/poll/163802/marriage-importance-dropped.aspx

Contacts

The Hartford®
Kelly J. Carter, 860-547-2122
kelly.carter@thehartford.com
or
Michelle Loxton, 860-547-7413
Michelle.loxton@thehartford.com

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Release Summary

Getting their first job and making financial decisions make Millennials (ages 18-31) feel like adults, according to The Hartford’s Gen Y Speaks Survey.

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Contacts

The Hartford®
Kelly J. Carter, 860-547-2122
kelly.carter@thehartford.com
or
Michelle Loxton, 860-547-7413
Michelle.loxton@thehartford.com