The aspiration to start a family has emerged as a significant financial objective for younger employees, according to a new global report. Interestingly, the report reveals that saving to fund adoption or to pay for fertility treatments are of particular importance to men.
According to nudge’s annual Global Financial Wellbeing Report, which surveyed 11,500+ people around the world, younger employees are increasingly likely to prioritise family planning in their financial goals.
66% of men in the UK (aged 25-34) are setting financial goals to start their own family, compared to 62% of women. Nearly half (46%) of these men also aim to cover child adoption costs or fund fertility treatments, which is nearly double the rate of women (24%) in the same demographic.
Trends in the US are similar. Among those aged 25-34, 84% of men in the US are financially planning to start a family, compared to 76% of women. Furthermore, 77% of men aim to cover costs associated with child adoption or fertility treatments, outpacing 69% of women.
nudge’s report follows growing concerns surrounding men’s fertility, as average sperm counts worldwide have declined by half over the past 50 years, and even more steeply in the last 20 years.
Financial confidence and planning across the globe
When it comes to achieving these financial goals, outlooks appear to differ between genders. In the UK, men exhibit greater financial confidence, with 88% feeling confident compared to 77% of women.
This trend has also been found across North America, APAC, and EMEA. However, LATAM stands out as the only region where women’s financial confidence, at 94%, is higher than men’s, which is at 92%.
Commenting on the findings, nudge’s co-founder Tim Perkins 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. 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.
Tim Perkins, nudge’s co-founder
The need for financial education is evident, as 82% of employees worldwide agree that a better understanding of their finances will help them achieve their life goals. However, when it comes to receiving financial education support from their employers, one-third (33%) of employees globally do not feel they have a solid understanding of the benefits their companies offer or how to fully utilize them.
Continuing, Tim adds:
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.
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.
