White Paper: Legal Needs of Today’s Multi-Generational Population
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White Paper: Legal Needs of Today’s Multi-Generational Population

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For the first time in history, four – soon to be five – generations of adults are working together in corporations and small businesses across America – Silents, Baby Boomers, Generation X and ...

For the first time in history, four – soon to be five – generations of adults are working together in corporations and small businesses across America – Silents, Baby Boomers, Generation X and Generation Y. While a texting 20-something and a nearly retired 60-something appear to have about as much in common as Justin Bieber and Kenny Rogers, they are actually quite similar when it comes to personal legal matters.

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White Paper: Legal Needs of Today’s Multi-Generational Population White Paper: Legal Needs of Today’s Multi-Generational Population Document Transcript

  • Legal Needs of Today’sMulti-Generational PopulationResearch StudyConducted by Russell ResearchCommissioned by ARAG®March 2012
  • Legal Issues Affect All GenerationsFor the first time in history, four – soon to be five – generations of adults are workingtogether in corporations and small businesses across America – Silents, BabyBoomers, Generation X and Generation Y. While a texting 20-something and a nearly-retired 60-something appear to have about as much in common as Justin Bieber andKenny Rogers, they are actually quite similar when it comes to personal legal matters.Individuals of all ages have many legal concerns and experiences that bridge thegeneration gap. People also share a common desire for security and protectionagainst legal needs that can affect their personal well-being and work-life balance.The StudyA national study titled Legal Needs of Today’s Multi-Generational Population(Generations) reports an overwhelming majority of Americans are concerned aboutpersonal legal matters and have experienced one or more legal need in the past year.The Generations Study was commissioned by ARAG®, a global provider of legalsolutions, and conducted by Russell Research in March 2012. The study examined theconcerns, experiences and legal service preferences of 1,682 Americans making upthe four generations in the current workforce.❙ Generation Y (born 1978-1989) ❙ Baby Boomers (born 1946-1964)❙ Generation X (born 1965-1977) ❙ Silent Generation (born before 1946)The results of the Generations Study are summarized in this document. ARAGgroup.com 800-888-4184 1
  • TOP All Generations Worry About Legal Issues10 Legal Life Concerns 1. Purchase or lease automobile 6. Address stolen credit card 2. Remedy identity theft 7. Experience credit card trouble or debt collection 3. Create Will, estate plan or Trust 8. Receive ticket for moving violation 4. Care for aging family member 9. Hire contractors to work on residence 5. Deal with death of immediate 10. Execute estate family member While the multi-generational population represents differing personal needs and life events related to family, health and financial or legal concerns, ARAG’s Generations Study reports that people of all ages worry about some of the same issues. A main legal concern of all generations is identity theft. No matter how old you are, you are fearful of your personal information being stolen. What else are Americans of all ages worried about? According to the Generations Study, the areas of greatest concern are financial matters (such as creation or modification of a Will, living will, power of attorney, estate plan or Trust), family matters (caring for or death of a family member and execution of an estate plan) and automobile-related issues. Financial Planning Estate planning needs resonate most with Baby Boomers, while credit matters and renting an apartment are bigger concerns for Generation Y. Family Issues Family-related concerns seem to reflect life stage differences. The younger Generation Y group is more concerned about marriage and having children, while Baby Boomers are dealing with executing an estate plan and the death of an immediate family member. ARAGgroup.com 800-888-4184 2
  • Home Concerns Leading home-related concerns include the purchase, sale, rental or repair of property. Generation Y is primarily concerned about buying or selling a house; Generation X about refinancing a home and hiring contractors; and the Baby Boomers and the Silent Generation about selling a primary residence or hiring contractors. Auto Problems Automobile-related concerns are fairly consistent across the four generations. Their biggest concerns are vehicle repairs, purchase, lease or sale, as well as traffic violations. Generation Y is more likely than any generation to have auto-related concerns. All Generations Suffer From Legal Issues people ARAG’s study Measuring the 3 out 4 d at least nce Effects of Employee Financialexperie l life event in ga & Legal Woes1, conductedone le past year. the by Russell Research and commissioned by ARAG, March 2012, reported 74 percent of individuals experienced at least one legal life event in the past 12 months. This is up from 69 percent2 when the study was first conducted in 2007. Among those who experienced an event, 40 percent experienced four or more legal life events in the past year. This number rose dramatically from 28 percent in 2007. Interestingly, some of the legal issues experienced in the past 12 months are not the legal matters Americans are concerned about. For example, all four generations expressed concern about identity theft, but it was not in the top 10 experiences. The Generations Study found credit problems and estate and financial planning issues to be the financial-related legal needs that Americans most often experience. Baby Boomers’ family-related needs involve the care of an aging family member or dealing ARAGgroup.com 800-888-4184 3
  • with a death in the family. Generation X’s top issues include birth of a child or custody issues, and Generation Y is getting married and having children. The leading home-TOP related legal experiences are apartment rental for Generation Y and X, and dealing with home contractors for Baby Boomers and the Silent Generation.10 Legal Life Experiences 1. Purchase or lease auto 6. Create or update financial plan 2. Hire contractors for work on residence 7. Receive ticket for moving violation 3. Care for aging family member 8. Rent apartment 4. Experience credit trouble or debt collection 9. Sell auto 5. Deal with death of immediate family member 10. Refinance house Connecting with Legal Professionals by Generation When asked how they would prefer to communicate with legal professionals when receiving legal counsel and document work, seven out of 10 people would prefer % face-to-face interaction. Communication by telephone was also favored followed by 72 s prefer of Americanmeetings -face receiving legal services by email. Generations X and Y are most open to communicating with an attorney or paralegal face-to with legal by alternative forms of communications such as texting, internet and instant professionals. messaging. This is not surprising considering Gen Y grew up on computers with cell phones in their hands. While Gen X prefers face-to-face interaction, they also show a larger interest in alternative communications compared to the two older generations. This interest has increased notably since the Generations Study was first conducted in 2008. Baby Boomers and Silents show much less interest and openness to nontraditional communication methods. ARAGgroup.com 800-888-4184 4
  • How People Plan to Pay for Legal Expenses ARAG’s Legal Woes Study reported that legal events can be expensive, and many times these expenditures are unplanned, unbudgeted and more expensive than expected. For example, the average hourly rate in the United States for attorneys with 11 – 15 years of experience is $3123. Participants expect to pay $141 per hour for legal services. That’s less than half of the average cost. Generation Y expects an even lower rate. More than 40 percent of Gen Y surveyed suggested an attorney costs about $75 per hour – that’s about one-quarter of the real hourly attorney rate. Not only do Americans not realize how much legal help can cost, the Generations Study4 reveals that three out of four people don’t have a plan to cover legal expenses. Instead they would have to find the means to pay for legal expenses that arise. This presents a financial challenge for many Americans. In the original Generations Study4conducted in 2008, people in their 20s and 30s were less likely to have a plan for handling legal expenses – even though they’re not less likely to personally experience legal events. In 2012, the youngest generation studied has turned into better planners as they graduated from college and gained fulltime employment. Generation Y (ages 23 – 34) is now more likely urly rage ho Legal Fees to have a plan to cover legal events. Generation X is less likely to have a planThe ave d he Unite rate in t eys $ or means to pay for legal expenses. Both Gen X and Gen Y are interested in r attorn f States fo rs o obtaining legal insurance. – 15 yea with 11 312 . ce is $ experien ARAGgroup.com 800-888-4184 5
  • Legal Plan Protects Every Generation ARAG’s 2012 Generations Study established that individuals of all ages have many legal concerns and experiences that bridge the generation gap. ❙ Eight out of 10 Americans are concerned about personal matters from a legal standpoint. 8 out of 10 ❙ Three out of four people have experienced one or more legal issues in the past Americans have 12 months. legal concerns ❙ Three out of four people don’t have a plan to finance legal expenses. Personal legal matters can take a heavy toll on people’s lives – their relationships, job performance, workplace productivity and personal well-being. Many Americans today are addressing legal matters by enrolling in programs offering a wide range of legal solutions to meet the unique situations of every generation. 4 Protect Your Families, Finances and Future 3 out of ced at experien ARAG offers a suite of flexible legal solutions – including the Education Center, legal lifeleast one DIY Docs®, LawPhone® and UltimateAdvisor® – designed to meet a majority of the he event in t personal legal needs of the average American and his or her family. Members gain last year. access to a network of attorneys and other legal resources for an affordable rate based on how they prefer to handle their legal issues. ❙ Online educational resources and legal documents, such as legally valid and state-specific wills and estate-planning papers ❙ General legal advice over the telephone, and education and referral resources for 3 out of 4 needs such as elder care, financial counseling and identity theft people do ❙ Comprehensive insurance plan offering in-office visits with an attorney and n’t have a plan to p court representation ay for legal fe es. Ordinary life situations have legal consequences. Access to legal choices gives individuals and their families the ammunition needed to deal with problems that are all too prevalent today, without the challenging and confusing process of individually securing help. Legal solutions offer all generations choices to plan for, prevent and resolve legal and financial matters affecting their everyday lives. ARAGgroup.com 800-888-4184 6
  • For more information about the affect of legal life events on people of all generationsand the results of the study Legal Needs of Today’s Multi-Generational Population,please visit www.ARAGgroup.com or call 800-888-4184 ext. 271.1 “Measuring the Effects of Employee Financial and Legal Woes,” conducted by Russell Research,commissioned by ARAG, March 2012.2 “Measuring the Effects of Employee Financial and Legal Woes,” conducted by Russell Research,commissioned by ARAG, 2007.3“Survey of Law Firm Economics,” The National Law Journal and ALM Legal Intelligence, July 2011.4 “Legal Needs of Today’s Multi-Generational Workforce,” conducted by Russell Research,commissioned by ARAG, 2008.About ARAGARAG (www.ARAGgroup.com), whose North American operations are based inDes Moines, IA, is a global provider of legal solutions. The company has aninternational premium base of almost $2 billion and it protects 15.5 millionindividuals and their families – worldwide. ARAG offers comprehensive legal plansthat provide a smart and trusted path for resolving legal issues. This enables people toprotect their families, finances and futures.© 2012 ARAG, North America, Inc. ARAGgroup.com 800-888-4184 7