(A version of this article originally appeared in USA Today for Mediaplanet’s Financial Planning and Insurance Campaign.)
Here’s something I’ll bet you didn’t know: The oldest millennials are celebrating their 20th anniversary in the workforce this year.
Hard to believe, right? But it’s true. The millennial generation—widely defined as people born between 1981 and 1996—has grown up in a flash. An 18-year-old high school graduate in 1999 who didn’t go to college has been in the workforce for two decades. Indeed, millennials are already the largest generation in the U.S. labor force.
As they face big questions over starting families, housing and career advancement, millennials will encounter momentous financial decisions impacting their futures.
That journey has seen ups and downs.
The millennial generation is the best educated in American history. But those who attended college endured higher education costs that far outpaced inflation. Consequently, many millennials have large student loans.
Many of those millennials entered the workforce close to the severe economic downturn that began in late 2007. Jobs for young adults were particularly hard to find during this period.
As the economy rebounded in the past decade, unemployment has dropped. But earnings have only grown for the college educated. Like all generations, most millennials do not have a college degree.
Despite these challenges, millennials remain optimistic about their financial futures. Resilience is one of the generation’s best qualities!
Life insurers stand ready to help, and offer solutions every step of the way. We want to meet millennials where they are, and help take on their challenges, no matter where they’ve been or where they’re going. If you are a millennial, here are steps you can take:
Protect your ability to work. A millennial’s most valuable asset is their earning power, which can be protected with disability income insurance. According to the Social Security Administration, just over 1 in 4 of today’s 20-year-olds can expect to be out of work for at least a year because of an injury or illness before reaching age 67.
Protect your family. More than 1 million millennials are becoming first-time moms every year. Life insurance, which is very affordable for millennials, provides invaluable financial security.
Protect your experience in your second half of life. If a millennial is in excellent health at age 30, they are likely to live to at least age 90. Life insurers offer solutions that can help millennials save and prepare for retirement, including annuities, which provide guaranteed income for a lifetime.
Life insurers are here to help turn millennials’ resilience and resourcefulness into brighter financial futures.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
