Financial anxiety impacts young women more than male counterparts, says global study
Younger women are more likely to feel anxious about their financial situation than men. According to a new study commissioned by nudge global, there is significant gender disparities when it comes to financial anxiety and financial optimism worldwide. Globally, 50% of women across all age groups experience financial anxiety, compared to 41% of men.
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- In the UK, 67% of women aged 25-34 feel anxious about their current financial situation, compared to less than half (43%) of men in the same age group.
- In Japan, 67% of women aged 25-34 feel financial anxiety, compared to 44% of men in the same age group.
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Differences in financial planning
The report also highlighted different approaches to financial planning across both groups. Over half (54%) of women aged 25-34 surveyed said they only have a short-term financial plan of three years or less in place. In contrast, 52% of men in the same age group have a long-term financial plan (three years or more).Commenting on the findings, Grace Massey, Chief Marketing Officer at nudge says: “When it comes to financial planning and stability, women encounter various barriers compared to men. Globally, women still grapple with a persistent gender pay gap, earning 24% less than men. There are many factors changing between cultures that contribute to this, what we see consistently in our data is 84% of women worldwide have a specific life goal of supporting their family. As a result, this leaves many women juggling their money management alongside family planning, and childcare decisions, resulting in heightened financial anxiety and insecurity compared to men”.Andrew Mulder, People Director at nudge adds: “These findings highlight significant disparities in people's abilities to navigate financial wellbeing challenges. This global trend offers employers an opportunity to understand the extent and underlying reasons for these challenges within their organizations. By doing so, they can help women build long-term financial security and feel more optimistic about their futures.”About nudge:
nudge is impartial financial education – for everyone, everywhere. nudge is the solution to guide global communities into stronger financial health. It combines behavioral psychology, data, and personalized education to empower people to develop their financial skills and knowledge to achieve financial resilience. Without conflicting financial products, nudge is inclusive and trusted by millions worldwide.Read about award-winning global mobility, leadership and education in the Summer issue of Think Global People magazine, with the teams and organisations being celebrated in the Relocate Think Global People Awards 2024. Read now.
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