How many 20- or 30-somethings have you talked to lately about long-term financial planning?
If your answer is "a few" or "none," it's a perfect time to open a dialogue about the importance of income to financial security and how to protect it. Why? Here are five reasons:
1. Young wage earners value financial security.
The latest MetLife Annual Study of Employee Benefits Trends reveals that 52 percent of working 20-somethings are focused on their long-term financial security. That's not surprising, considering they have come of age during turbulent financial times and are faced with shouldering more of the burden of their own financial security than generations before them. Few will ever see a defined benefit pension plan. Most will foot much of the cost of their benefits. And most will be responsible for making benefit choices that could easily determine their future financial security.
2. Their chances of experiencing a disability are significant.
According to the
3. Most are not prepared to weather the financial impact of disability.
Despite the likelihood of young earners experiencing a disability, the
4. Younger wage-earning consumers think income protection planning makes sense — while they are young.
5. May is Disability Insurance Awareness Month.
As an advisor, you can ease the pressing financial concerns of younger wage-earning consumers. Help them understand how they can protect their income — and achieve a greater sense of security — with a well-rounded financial plan. A good starting point is helping them understand what they have. And what better opportunity to raise appreciation for the benefits of income protection — and to make sure it's a foundation of their planning — than during Disability Insurance Awareness Month?
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