Generation Z: Evolving Benefit Needs and The New Normal

By Matthew Bahl, JD

Director, Health & Productivity Analytics
Prudential Group Insurance

By Kristin Tugman, PhD

Vice President, Health & Productivity Analytics
Prudential Group Insurance

After years spent studying Millennials, socially-conscious Gen Z has arrived, and they are completely different. Indeed, early research into the work, financial, and consumer behaviors of Gen Z suggest that they may have more in common with The Greatest Generation (who preceded Baby Boomers) than any other generation.¹

From a work perspective, Gen Z is already quite active. Approximately 77% of Gen Z (those between the ages of 14-21) are earning spending money through freelance work, part-time jobs, or earned allowance. This bodes well for Gen Z being a self-reliant and entrepreneurial group that is not afraid to roll up their sleeves and get to work. Moreover, Gen Z is already thinking about and saving for retirement. A surprising 12% of Gen Z is putting money away for retirement. While that number may seem relatively small, keep in mind that most of Gen Z is too young to be in the workplace.¹

Gen Z also brings a mix of new and old perspectives about what group benefits they find most valuable and — just as importantly — how they want to interact with those benefits. For disability and absence professionals, understanding what benefits this generation values may help craft new and innovative solutions:

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