Employees in the Generation Y group appear to be suffering more under the current economy than other age groups, spurring them take a new interest in the workplace benefits available to them, a new study finds.

Nearly half (49%) of people between the ages of 21 and 32 said the economy has prompted them to review their life insurance needs and about one-third (35%) say they have taken steps to determine their financial needs with regard to disability coverage, according to MetLife’s 7th Annual Employee Benefits Trend Study.

Nearly half (45%) of surveyed Gen Y employees say that because of the economy, they have a greater interest in understanding their workplace benefits. Exactly 45% are interested in having their employer provide access to benefits advisors. Fifty-two percent are interested in having their employer provide access to financial planners to help with retirement planning.

About 53% of Gen Y survey participants said they are living paycheck to paycheck. About 50% of Gen Yers surveyed two years ago were living paycheck to paycheck.

About 44% of older people are fighting from paycheck to paycheck, the survey found.

Todd Katz

“Gen Y employees appear especially vulnerable to unexpected financial risks given their propensity to live paycheck to paycheck and the relative weakness of their personal safety nets,” said Todd Katz, senior vice president of institutional business for MetLife.

Less than half (46%) of full-time Gen Y employees have disability income insurance, compared to 59% of their older colleagues; and about one-third of Gen Y employees (compared to one-fifth of employees in the older generations) say they have no life insurance.

Since the MetLife study found that almost half (49%) of surveyed Gen Y employees are married and 46% have children, these gaps in personal financial safety nets could undermine their – and their families’ – financial well-being, MetLife said in a statement.

“A common misconception might be that Gen Y employees require less financial protection because they don’t have dependents, but that is not true – Generation Y is diverse in terms of life stages,” Katz said.

Only 35% of surveyed Gen Y employees say they are very satisfied with the benefits they receive through their employer, and only 39% say they understand which benefits best meet their needs. According to MetLife’s research, “all other insurance benefits” – such as life, disability, dental and vision coverage – now fall within the top three primary factors influencing employee loyalty, after medical coverage and salary. In 2007, 48% of Gen Y employees said all other insurance benefits were very significant factors affecting their feelings of loyalty to their employers. That percentage climbed to 71% in 2008.