Facing the repercussions of a slow economy and a weak job market, many Millennials are stretched thin with debt and average wages 20 percent below those of their predecessors at the same life stage. To put that in perspective, young adult workers are earning an annual median salary of $40,500, approximately $10,000 less than young workers in 1989. Independent of inflation rates, this decline indicates that Millennials may not ever out-earn their parents, making them the first working generation not to do so.
Not surprisingly, Millennials have a grim outlook on their fiscal future. But what may be surprising is that, because of their financial situations, these consumers are thinking and behaving much differently in the health care and health insurance verticals than one might expect.
Although holistically minded overall, Millennials’ views of health are inconsistent. While they believe all citizens should have access to health care regardless of income or health history, they are not fans of the individual mandate that requires an insurance plan – the big factor that makes the health care law work. This contradiction is coupled with another: Despite an overwhelming distrust in government, an overwhelming majority believe the government has the responsibility to provide universal health care.
This creates tension for health care and health insurance brands, particularly as Millennials age out of their parents’ plans and home. Understanding the dichotomy between Millennials as patients and as members of health care plans is essential to finding the solutions that fit their unique needs – and leads to an even more significant finding: There are two distinct mindsets of modern consumers shaping the future of both the health care and health insurance industries, affecting how such brands must interact with these consumers moving forward.
Our latest proprietary research report, A New Picture of Health: How Millennial Consumer Mindsets are Affecting the Health Care and Health Insurance Industries, will inform both health care and health insurance organizations of the ins-and-outs of the Member and Consumer mindsets through an exploration of their consumer journeys with providers and carriers. The report also provides actionable brand takeaways for both mindsets, including: Priorities, Pain Points, Dos, Don’ts and Considerations.
Download your copy HERE!