A new global report sheds light on the prioritisation of family planning as a financial goal among younger employees.
- The report reveals a higher tendency among men to save for adoption and fertility treatments compared to women.
- In the UK, 66% of men aged 25-34 prioritise starting a family, contrasted with 62% of women.
- Financial confidence appears more pronounced in men across various global regions, except LATAM where women lead.
- The report underscores the need for enhanced financial education to support family planning goals among employees.
The aspiration to start a family is becoming an increasingly significant financial objective for younger employees, according to a new global report. Notably, the report highlights that men are placing more emphasis on saving towards family planning, particularly for adoption and fertility treatments, than their female counterparts.
In the United Kingdom, the data indicates that 66% of men aged 25-34 are setting financial goals to initiate their own families, whereas this figure is slightly lower for women, standing at 62%. Additionally, nearly half of these men (46%) aim to cover expenses related to child adoption or fertility treatments, a rate almost double that of women in the same age group, which is 24%.
This trend is also evident in the United States, where 84% of men aged 25-34 are financially planning for family expansion, compared to 76% of women. Furthermore, 77% of men in this demographic are focused on allocating funds for adoption or fertility treatments, surpassing the 69% of women doing the same.
Financial confidence among younger men appears to be more pronounced across various regions worldwide, including North America, APAC, and EMEA. However, LATAM stands as an exception, with 94% of women expressing financial confidence, slightly overtaking the 92% of men.
Commenting on these findings, Tim Perkins, co-founder of the report’s publisher, noted a shift in attitudes towards family planning. He highlighted the more active role men are taking in financial preparations for starting a family, including considerations around fertility treatment. Perkins also pointed out that gender may influence financial confidence when it comes to family planning, with men possibly less concerned about the long-term financial impact of children compared to women.
Furthermore, the report emphasises the global need for financial education, as 82% of employees agree that a better understanding of their finances would aid in achieving life goals. However, a notable lack of awareness regarding employer-provided benefits persists, with one third of employees globally feeling they do not fully understand or utilise these benefits.
Perkins adds that the lack of knowledge about company-provided benefits is crucial for employees planning for a family, advocating for impartial financial education to become a cornerstone in supporting their journey. Empowering employees with knowledge not only makes them aware of their entitled benefits but also aids in making informed decisions that enhance financial stability and loyalty to their employers.
The report highlights the growing importance of family planning in financial goals, particularly among men, underscoring the necessity for comprehensive financial education.
