Younger employees are increasingly likely to prioritise family planning in their financial goals, according to research by financial education platform provider Nudge.
Its annual Global financial wellbeing report, which surveyed more than 11,500 employees globally, including 2,000 in the UK, also found that 66% of UK men aged 25-34 are setting financial goals to start their own family, compared to 62% of women. Nearly half (46%) of these male respondents aim to cover child adoption or fertility treatments costs, versus 24% of women.
Among those aged 25-34, 84% of US males are financially planning to start a family, compared to 76% of women, while 77% of men aim to cover child adoption or fertility treatments costs, compared to 69% of female respondents.
Overall, 88% of UK-based male respondents said they are financially confident, compared to 77% of women. Conversely, 94% of female respondents in the Latin America region feel financially confident, compared to 92% of men.
Four-fifths (82%) of respondents worldwide agree that a better understanding of their finances would help them achieve their life goals, while 33% do not feel they have a solid understanding of their financial education benefits or how to fully utilise these.
Tim Perkins, co-founder of Nudge, said: “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. Our report suggests that financial confidence might be influenced by gender when it comes to family planning and men may not be as concerned about the long-term impact of children on their financial planning compared to women.
“A lack of knowledge about employer-provided benefits exists among employees. 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.”
