A significant number of younger employees are prioritising family planning in their financial goals, meaning employers need to recognise the growing importance of benefits that support this, such as financial education related to fertility and adoption.
This was the view of Tim Perkins, CEO and co-founder at nudge Global, speaking to Benefits Expert about changing benefits trends following the publication of the provider’s annual Financial Wellbeing Report.
The report, which surveyed 2,000 UK employees and 11,500 global employees, found that fertility treatment, adoption and family planning are more important to men as a financial goal than to women.
Cost of starting a family
Two thirds (66 percent) of men in the UK aged 25-34 are setting financial goals to start their own family, compared to 62 percent of women. Nearly half (46 percent) of these men also aim to cover child adoption costs or fund fertility treatments, which is nearly double the rate of women (24 percent) in the same age group.
Perkins said: “Our data has found that men in the 25-34 age bracket are increasingly focusing on family planning, meaning employers should tailor their benefits communications to meet these gender-specific needs, ensuring both men and women feel equally supported.
“Offering personalised, financial education is crucial in helping employees set and achieve their family-related financial goals, boosting their overall financial wellbeing and confidence.”
‘Unique opportunity’
Perkins said he expected to see a larger shift towards employers offering these kinds of financial benefits.
“Our research shows that nearly half of the global respondents (42 percent) believe that their financial wellbeing significantly impacts their performance at work. Employers have a unique opportunity here to improve levels of productivity and engagement within their organisation, as well as strengthening relationships with their employees.
“This is crucial, considering our data shows that 55 percent of employees believe that their companies view them as interchangeable and easily replaceable, while 60 percent of employees agree that wellbeing benefits make them more committed to their employer.”
Generational influence
Asked what evidence he was seeing of a change in employer attitudes towards supporting fertility and family planning benefits, Perkins pointed to the influence of younger workers.
He said that younger generations entering the workforce are prioritising their health and wellbeing, which is having a broader impact across employees of all ages and backgrounds.
“With increasing pressures and demands upon employers, businesses looking to attract and retain top talent must offer comprehensive and diverse benefits to support their employees’ needs.
“At nudge global, we are seeing many clients tailor and personalise their benefits based on individuals needs and circumstances, from early careers to pre-retiree.”
Modern family
He said that as the modern family has evolved significantly, employee benefits must be adapted to support this change.
“Whether it’s single individuals, LGBTQ+ couples, or couples starting families later in life, financial education and support must encompass a broad range of family planning services,” Perkins explained.
Communication around these kinds of benefits, and others, need to improve, said Perkins, referring to the survey results on benefits communications as ”eye-opening”.
A third of survey respondents worldwide (33 percent) don’t feel like they have a strong understanding of what benefits their company offers or how to make the most of them.
“It’s evident that clearer and more consistent communication regarding employee benefits is needed, whether this is through interactive workshops, an easy-to-navigate online portal, regular reminders, or one-on-one meetings with HR.
“What’s important to remember is that each approach will be unique to each individual. By enhancing and personalising their benefit communication efforts, employers can ensure that employees are well-informed and able to fully utilise their benefits.”
Global trends
Male employees in the US showed a similar interest to their UK counterparts in setting financial goals to secure funds for family planning.
Among US men aged 25-34, 84 percent said they were planning their finances to start a family, compared to 76 percent of women. Furthermore, 77 percent of men aim to cover costs associated with child adoption or fertility treatments, compared with 69 percent of US women.
The nudge report revealed further gender differences around financial education. In the UK, men show greater financial confidence, with 88 percent feeling confident compared to 77 percent of women. The data showed this trend is occurring across North America, Asia Pacific and the EMEA region comprising Europe, the Middle East, and Africa.
However, Latin America stands out as the only region where women’s financial confidence, at 94 percent, is higher than men’s at 92 percent.
The report follows wider, and growing, concerns about falling male fertility rates.
Average sperm counts worldwide have declined by half over the past 50 years, and even more steeply in the last 20 years.
