The millennial generation is currently the biggest in the country. It’s estimated that millennials will make up 75% of the US’s workforce by the year 2025. At this point most Baby Boomers are already ineligible for Social Security disability benefits, so it’s time to turn to the largest population of employees and determine how they’ll affect your firm in the future.
1. They’re Educated, but Poor
Millennials are the most educated population in the country. 36% of millennials had college degrees in 2015. This should mean that by the time millennials are at the point at which they’ll likely need to apply for disability benefits (age 45-65), they’ll be commanding a higher wage. This would mean your firm would earn a higher Social Security fee per case won.
There is of course emphasis on the word should here. Millennials are often cited as one of the most underpaid generations, with high levels of unemployment or underemployment. It may be challenging for your firm to take on any cases from millennials at this point in time, as they won’t be earning nearly as much as other populations.
2. They’re Not Married As Often
Or, perhaps as soon. Baby Boomers were twice as likely to be married at the same age as millennials are now. Why will this matter for your firm? Back payments may go down for Social Security recipients if the overall population doesn’t marry. When an SSDI applicant is awarded benefits, he or she will receive back pay for an eligible spouse or minor children. Without marriage, millenials simply won’t be eligible for high payments.
3. They’ll Have Great Health Records
Millennials are 1.5 times more likely to visit a free clinic or urgent care facility than other demographics. What does this mean for your firm? When a millennial is applying for Social Security disability benefits, he or she will have plenty of medical evidence to prove that a condition warrants a disability approval. Lack of medical evidence is one of the top reasons for a Social Security disability denial, so this is music to many Social Security disability attorneys’ ears.
4. They’ll Look for a Bargain
Because the average millennial has more than $30,000 in debt after graduating college, it’s unlikely that they’ll be willing to pay an arm and a leg for an attorney (or anything for that matter). Social Security disability attorneys are in a great position for the millennial population in particular because they work on a contingency-fee basis. When it does come time for the millennial population to start applying for disability benefits, be sure to emphasize the fact that you aren’t paid unless the claim is won.
At eGenerationMarketing, the vast majority of our disability leads aren’t from the millennial population. Most claimants who apply for Social Security disability are age 45+. While you won’t be sorting through a wave of millennial applications yet, it’s important to understand this generation to know how to better serve them in the future.
https://mbaonline.pepperdine.edu/blog/importance-millennials-workplace/
https://www.citylab.com/equity/2018/03/the-geography-of-millennial-talent/554915/
https://heidicohen.com/30-millennial-demographics-chart/