Debt Repayment Benefits Not Just for Millennials

Our Thinking / Healthcare /

Debt Repayment Benefits Not Just for Millennials
Calendar30 March 2016

As college graduates face ever-mounting piles of student loan debt, innovative employers are looking at loan repayment programs as a way to attract and retain top young talent, according to this New York Times article. The average class of 2015 graduate with debt owes a little more than $35,000. We’re seeing millennials put off major life milestones, such as buying houses, getting married, and having kids, in order to pay back their loans. There are a number of employers considering student loan programs because they are looking at creating more attractive benefit offerings for millennials. We checked in with Mercer's Betsy Dill, who's quoted in the article. She reminded us that debt is not just a problem for young employees: “Employers need to consider the implications of offering support only for people with student debt, when close to half their baby boomers are struggling with debt as well,  We think forward-looking employers will be looking for ways to offer financial wellness support across all of their demographics – not just millennials.”

Go to full article: nytimes.com

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