New research from MassMutual, which has an Enfield corporate campus, finds that preferences for healthcare insurance, retirement savings, vacation and other benefits largely hinge upon workers’ generation and gender, complicating benefit choices for employers. Men and women differ on which benefits are most appealing.
Overall, 47 percent of American workers age 18 and older prefer more vacation time, with 44 percent preferring better 401(k) matches, according to the 2015 MassMutual Generations@Work Study.
One surprising element of the study finds older and younger workers both prefer more vacation time. Baby Boomers (ages 50-70) and Millennials or Generation Y (ages 15-35) opt for more time off from work. Generation X (ages 36-49) favors richer retirement benefits, according to the study. Men tend to prefer more time off while women focus more on health-related benefits.
After choosing more time off, Baby Boomers expressed preferences for financial benefits. Forty-three percent would like better 401(k) matches, 38 percent would appreciate having free healthcare coverage, and 24 percent wanted more investment choices for their retirement savings, according to the study. Four in 10 (43 percent) want expanded healthcare benefits.
Men’s benefits of choice were more vacation time (50 percent), better 401(k) matches (43 percent) and flexible work schedules (39 percent), MassMutual’s study found. Women’s preferences were more evenly spread between more vacation (44 percent), better 401(k) matches and flexible work schedules (40 percent), expanded healthcare premiums (37 percent) and free gym memberships (31 percent).