Findings from the second annual Guardian Workplace BenefitsStudy reveal that many millennials identify themselves asDo-It-Yourselfers when it comes to making financial decisions. Thetendency to rely on friends, the Web and social media for advicerather than on professionals is costing them -- not only in theirwallets but potentially in their health as well.

Forty percent of those polled in Guardian’s 2014Workplace Benefits Study identify themselves as DIYerswhen it comes to financial planning. The study also indicated thatthese independent-minded individuals appear to be falling behindtheir peers when it comes to preparing for a secure retirement andobtaining insurance solutions.

Fifty-two percent of DIYers report that the benefits theyreceive through work account for most or all of their benefits andretirement preparations. However, this same group consistentlyunderprioritizes and underperforms on key financial objectives whencompared with the one-quarter of survey participants who identifythemselves as Do-It-For-Mes.

See also: It’stime to tell a new employee benefits story

This stands to reason, since people who manage their ownfinancial strategies and insurance coverage are often less focusedon their goals than those who rely on professional guidance andadvice. As a result, DIYers may not be taking full advantage oftheir workplace benefit offerings.

This DIY instinct is particularly strong for the manymillennials who choose to forgo professional financial advice andchart their own path when it comes to selecting workplaceretirement plans and health benefits.

As open enrollment season continues this fall, here are the topfive mistakes millennials (and all workers concernedabout their financial future) should avoid when signing up forworkplace benefits coverage:

Mistake 1:

Millennials often fail to identify and prioritize theirfinancial objectives. According to the Guardian survey, DIYersare less likely to place high importance on having appropriatehealth insurance, saving for retirement or having a plan to reachmajor financial goals.

See also: 10reasons not to worry about millennials’ retirement

(Image courtesy of pakorn/FreeDigitalPhotos.net)

Mistake 2:

Millennial DIYers lack a clear understanding of their workplacebenefits and tend to rely on friends, family and social mediafor advice. One way for workers to close the gaps in their personalfinancial portfolio is to leverage the range of benefits availableto them at the workplace. Indeed, DIFMs express more interest involuntary benefits, like life or accident insurance, compared toDIYers — who may, in fact, have a greater need for such productssince they do not typically use a financial advisor.

See also: 7tips for effective enrollment communications

(Image courtesy of Ambro/FreeDigitalPhotos.net)

Mistake3:

Millennials often check the same box of coverage every yearrather than assess their unique needs to determine the bestcoverage options available. With 47 percent of employers surveyedconfirming that they are planning to ask their employees to bear agreater portion of the benefits cost, it’s more important than everto understand benefit options.

See also: Millennialhealth plan participation drops

(Image courtesy ofstockimages/FreeDigitalPhotos.net)

Mistake 4:

The majority of millennials are not prepared financially for asevere medical event or financial loss, and thus could findthemselves deeply in debt, with their savings depleted and perhapswith limited means for earning any income.

See also: Millennialsneed education about voluntary benefits

(Image courtesy of David CastilloDominici/FreeDigitalPhotos.net)

Mistake 5:

Only a quarter of millennials surveyed take advantage of thebenefits education available through their employer. Millennialsare less likely than older workers to read benefits-relatedmaterials and to consider enrollment meetings to be an effectiveresource for learning about their benefits.

To complicate matters further, benefits education effortstypically are not well-designed for the millennial workforce, whichmeans that younger workers often pay less attention tocommunications and thus ignore what could be a valuableresource.

See also: Millennialswant cash, choice to engage in wellness

The upshot is that while many millennial DIYers really do need(and perhaps even want) help in choosing their benefit options,they often appear to be less than receptive to such help. The heavydependence on workplace benefits by workers across the generationaldivide, however, underscores the importance of the employer as asource of insurance and retirement products.

The lack of focus on setting financial goals by millennials andthe lack of progress toward achieving the goals they do set suggestthat more effective ways to reach these workers are still needed,such as multi-channel enrollment options, including access toprofessional benefits enrollment advisors (via phone, web chat orin person) that can help guide DIYers as they make choices thatwill affect them for many years to come.

(Image courtesy ofstockimages/FreeDigitalPhotos.net)