A new insurance survey found that Generation Y is looking for change when it comes to workplace benefits. Colonial Life & Accident Insurance Company released a new study to delve further into the preferences of Generation Y. “The ability to recruit and retain younger workers is quickly becoming essential for employers to ensure long-term business success, especially as Baby Boomers begin to retire in increasing numbers,” says Stephen Bygott, director of marketing programs and research at Colonial Life in a news release. “But Gen Y has different needs, expectations and preferences than previous generations, so companies need to take a different approach when it comes to designing and communicating their benefits packages. Those who don’t consider changes could risk losing their competitive edge and may be left behind.”

The insurance company is hoping that employers and human resource managers will take the findings into consideration. The survey shows that Gen Y is not as financially stable than other generations. Only 58% of them pay bills on time and 43% have high credit card debt. Almost three out of four aren’t saving up for emergencies. They also find that Gen Y is very mobile as the average 26-year-old has already had seven jobs. The study also finds that this generation values strong benefits packages provided by employers, but many are still underinsured. Sixty percent of Gen Y employees say benefits are the second most important aspect of job satisfaction. But other research shows they are the most likely to not take advantage of workplace insurance.

Another important piece of information to come out of this study is that Gen Y likes to receive information about benefits through personal communication. “Benefits communication emerged in the research as a clear opportunity for employers to more strongly engage Gen Y workers,” Bygott says. “These workers give employers low marks for the effectiveness of their benefits communication, and Gen Y women in particular are much more likely to say the communication they receive about their benefits is not at all informative, including cost, what’s covered and what they need.”

With the U.S. economy adversely affecting life insurance sales, many Americans are sticking with their current policies or streamlining in order to hold on to the important protections while the financial environment remains shaky.

Buying life insurance may not be a glamorous topic, but it is a necessary one. Still, even those who need it the most are all too eager to skip over this part of life.

We often think of so many things important to us in life; our jobs, our families, the direction we take with our investments and life goals.