From wire reports

New research from insurance giant Unum reveals that Gen Yers say they've heard "the talk" aboutlife's risks, such as drug use and sex, but that as they've entered the workforce, their benefits education is lacking.

In fact, Unum finds, more Gen Y workers have discussed car-buying with a parent or professional mentor than have discussed the role of workplace benefits in protecting financial security.

"Parents and mentors have talked to Gen Y about the risks they face growing up, but they aren't completing that process by talking about how they can protect themselves financially in young adulthood," says Mike Simonds, senior vice president for Unum. "Until this new generation of workers understands the benefits decisions they will have to make, the talking isn't done."

According to the survey, Generation Y workers (ages 18 to 30) say their parents or mentor have talked with them about:

• Saving money, 72%.
• Drugs, 61%.
• Job hunting, 61%.
• Sex, 60%.
• Car shopping, 51%.
• Choosing the workplace benefits that can help protect their health, income and financial stability, 30%.

The research also shows that this very connected generation does not get the connection between their benefits and their financial stability. Forty-three percent are unfamiliar with supplemental health coverage; 52% are unfamiliar with critical illness insurance; and 35% aren't familiar with disability insurance.

 "Generation Y is entering a workplace in which benefits decisions and paying for some coverages are their responsibility," Simonds says. "These young workers need to be prepared to make the decisions that will help protect their financial security, and this research shows that the generation made up largely of their parents - and bosses - isn't preparing them."

Boomers lack benefits info, too

A separate Unum survey shows that baby boomers may be poor benefits teachers because they themselves were poorly taught.

More than three-quarters of boomers (76%) say the workplace is among their most reliable sources of information about benefits. However, when it comes to certain benefits, that information either is not being provided or not sinking in, as Unum finds:

• 44% of boomers say they are unfamiliar with critical illness insurance.
• 27% are unfamiliar with long-term care coverage.

 "As home values slip and the stock market fluctuates, it has never been more important to educate workers about their options for coverage that can help protect their financial stability," says Simonds. "The workplace is common ground for employees of every generation, and clear benefits communication at work is particularly critical during this fall enrollment season.

 "These benefits can help protect the financial stability of a workforce that is unlikely to have sufficient savings to fall back on if they are ill or injured," he continues. "But employees who do not understand these benefits - who do not know what they are or what purpose they serve - cannot use them effectively."

Both Gen Y and boomers ranked their income from work among their most important assets to protect (Gen Y, 34%; boomers, 31%).

"This research makes it clear that employees are counting on their workplace for the information they need to make these decisions," Simonds says. "Partnering with employers is a critical way benefits providers can help meet that need."