While there are lots of characterizations floating around about millennials, including a reputation for fiscal irresponsibility, a new study has found that the majority of them would trade pay for more secure retirement benefits. And while they were formerly willing to do the same for lower or more predictable health care benefit costs, they’re backing off from doing that.

The study, from Willis Towers Watson, found that 59 percent of millennials would trade a lower paycheck for a more secure retirement benefit, up from 42 percent in 2009. Incidentally, boomers, too, would trade pay for retirement checks, with 66 percent willing to make the exchange; that’s up from 50 percent in 2009.

When it comes to health care benefits, though, just 32 percent of millennials and 34 percent of boomers said they’re willing to pay a higher amount for lower or more predictable health costs. That’s down from 43 percent and 45 percent, respectively, in 2009.

Now if you asked millennials—and the study did—how they would spend money if their employer gave them an allowance to spend on a variety of benefits, they said they’d put more than half of that allowance into health care and retirement plan benefits: 27 percent each.

In addition, 48 percent of millennials put pay and bonus at the top of all other benefits, if they were given a choice. That highlights their tight financial situations, squeezed between lower-paying jobs and high college loan balances.

The study also found that millennials are much more likely to embrace nontraditional benefits and work/life balance than boomers. Nearly a third of millennials—32 percent—said that top priorities were more paid time off, greater opportunities for flexible work arrangements and career advancement and options to purchase a wider variety of benefits. That’s more than double the percentage of boomers who want these benefits.

“Millennials, because of their financial situation, are concerned over how to help make ends meet,” Shane Bartling, a senior consultant at Willis Towers Watson, said in a statement. “But millennials also recognize they have long-term financial risks as well, and many agree with having their employer play an active role in encouraging them to better manage their finances.”

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Give millennials guaranteed retirement benefits, not pay

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