Starting a family is increasingly seen as a significant financial priority for young employees.
- A global study reveals men are more focused than women on funding fertility treatments and adoption.
- In the UK, a greater percentage of young men than women aim to financially prepare for starting a family.
- US trends mirror those in the UK, with men prioritising family planning expenses.
- Despite financial confidence differences, a need for better financial education among employees is evident.
A recent global report highlights that starting a family has become an essential financial goal for younger employees. This is especially true for men, who are placing increased emphasis on saving for fertility treatments and adoption costs. The data, from a survey involving over 11,500 participants worldwide, underscores this trend.
In the United Kingdom, 66% of men aged 25-34 have financial goals related to family formation, compared to 62% of women. Additionally, nearly half of these men intend to allocate funds for adoption or fertility treatments, almost double the proportion of women with similar plans.
The situation in the United States mirrors these findings, with 84% of men within the same age bracket preparing financially for family life, as opposed to 76% of women. Furthermore, a significant 77% of men aim to cover the costs associated with adoption and fertility treatments, again surpassing the 69% of women who share this objective.
Tim Perkins, co-founder of the organisation behind the report, comments on these findings: “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.” He also notes that men seem less concerned about the long-term financial impacts of starting a family compared to women.
Despite men showing greater financial confidence in regions like the UK, North America, APAC, and EMEA, there is a striking exception in LATAM, where financial confidence is higher among women. This reflects a broader global trend of differing financial outlooks between genders.
There is a clear and pressing need for financial education among employees, as 82% believe that better understanding their finances would aid in achieving life goals. Yet, a substantial proportion of employees lack clarity regarding the financial benefits available through their employers. Tim Perkins highlights the importance of financial education: “Empowering employees to make informed decisions that positively impact their financial stability and future creates stronger relationships and loyalty to their employer.”
The report underscores the necessity for targeted financial education to support young employees in achieving their family-oriented financial goals.
