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.
nudge’s annual Financial Wellbeing Report surveyed over 11,500 employees worldwide. It found that 45% of women in the US aged 25-34 feel anxious about their financial situation, compared to just 39% of men in the same age group.
The findings also reveal that 69% of men aged 25-34 in the US feel hopeful about their financial situation, compared to 58% of women.
The same trend appears to be prevalent outside of the US too.
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.
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.”
The post Financial anxiety impacts young women more than male counterparts appeared first on HR News.