Who Relies on Your Paycheck?

Who Relies on Your Paycheck? THE HARTFORD August 2013 The Hartford conducts research to better understand the benefits behaviors and attitudes of workers, aged 18 to 65. Our research includes The Hartford's 2013 Benefits For Tomorrow Study - a national phone omnibus survey of 1,000 full-time workers in March 2013 by ORC International's CARAVANº. In The Hartford's 2013 Benefits For Tomorrow Study, full-time workers were asked to answer questions about who relies on their paycheck. In the survey, Millennials were categorized as ages 18-34, Gen X as ages 35-44, and baby boomers are ages 45-65. Family Matters Gender Divide 60 percent of full-time employees have someone else relying on their paycheck: Men were more likely than women to say they only have their spouse depending on their 60% paycheck, while women are more likely than men to say only their kids count on their income. • significant other or spouse, children, parents, and 22% 14% 14% 4% • grandchildren Say only their spouse or significant other Say only their children Among the Millennials, the older members of this generation (30-34) are more likely to have a spouse relying on their paycheck and are significantly more likely than the younger Millennials (18-29) to have children whom they support. Among the Millennials, women are more likely to have parents or children relying on their paycheck: Sandwich Generation Millennial women (13 percent) said their parents are relying on their paycheck than Millennial men (8 percent). 13% 8% While from different generations, both Millennials and younger boomers (ages 45-54) are being squished financially from younger and older family members: 49 percent of Millennial women said children depend on their salary compared to Millennial men (26 percent). 49% 36% of Millennials and 44 percent of younger boomers 26% have children relying on their income, and of Millennials and 6 percent of younger boomers 10% have parents depending on their salary. 41% of Millennials said the only person relying on their salary is themselves, compared Single Ladies - and Men to only 27 percent of boomers. The Hartford is The Hartford Financial Services Group, Inc. and its subsidiaries, including issuing companies Hartford Life Insurance Company and Hartford Life and Accident Insurance Company. Policies sold in New York are underwritten by Hartford Life Insurance Company. Home Office of both companies is Simsbury, CT. 4593mm NS 07/13 © 2013 The Hartford Financial Services Group, Inc. All rights reserved.