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Millennials’ Favorite Employee Benefit
Posted October 13,2017 by CUNA Economics

Student loan repayment a popular benefit for younger workers.

“Millennials would choose this job perk even over health insurance,” says a post at cnbc.com

Help in paying off student loans is an employee benefit that would sway 85% of millennials to take one job over another. 

In fact, “some would even prefer it to health insurance,” according to recent survey findings from the Millennial Benefit Preferences Study conducted by FC consulting.

Thirty-six percent of survey participants would remain at a job for over a year in order to retain such a benefit.

Compared to other employee benefits, millennials prefer repayment of student loans twice as much as 401(k) contributions, 11 times more than a gym membership, 7 times more than food, and 12 times more often “than enhancement to the workplace environment.”

Further, 27% of millennials surveyed choose a loan repayment option 18 times more often than 401(k)s and 23 times more frequently than dollars toward health insurance.

These millennials were more apt to be females or minorities, survey data says.

Related

Workers and Employers Benefit from Financial Wellness Programs

Student Loan Defaults on the Rise

Millennials Fear Investing in the Stock Market

 

 

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