Men, particularly younger employees, are prioritising family planning including fertility treatment and adoption, in their financial goals more than women, according to a new global report.
The annual Global Financial Wellbeing Report by Nudge, which polled over 11,500 people globally, indicates that younger workers are giving family planning a higher priority when it comes to their financial objectives.
In the UK, 66 per cent of males and 62 per cent of women between the ages of 25 and 34 are aiming to save money in order to start a family. Almost twice as many of these men (46 per cent) as women (24 per cent) in the same demographic also want to pay for reproductive treatments or adoption expenses.
Perspectives on reaching financial objectives vary by gender. In the UK, 77 per cent of women and 88 per cent of men feel optimistic about their financial situation while 82 per cent of workers globally think that having a better grasp of their finances will enable them to reach their life goals.
A third (33 per cent) of workers worldwide believe they don’t fully grasp the advantages their companies provide or how to take full advantage of them.
Nudge co-founder Tim Perkins says: “The data suggests a shift in attitudes towards family planning, with men taking a more active role than women in financial preparations for starting a family and considerations around fertility treatment. However, our report suggests that financial confidence might be influenced by gender when it comes to family planning. The data shows men may not be as concerned about the long-term impact of children on their financial planning compared to women.
“Data from our report underscores the necessity for financial education worldwide. However, an extensive lack of knowledge about employer-provided benefits exists among employees, which is particularly significant for employees who are beginning to plan for a family. Impartial financial education becomes an essential pillar in supporting their journey.
“It’s not just about making them aware of the benefits they are entitled to, but also about helping them understand how to make the most of their benefits. Empowering employees to make informed decisions that positively impacts their financial stability and future has been proven to create stronger relationships and greater loyalty to their employer”.
