A new study reveals that younger women are more financially anxious than men across the globe.
- Globally, 50% of women experience financial anxiety, compared to 41% of men.
- In the US, 45% of women aged 25-34 feel anxious versus 39% of men, with 69% of men feeling hopeful about their finances compared to 58% of women.
- UK and Japan also show higher financial anxiety in young women than men in the same age group.
- Differences in financial planning show women prefer short-term plans while men lean towards long-term financial plans.
A comprehensive study commissioned by nudge global shines a light on the significant gender disparities in financial anxiety worldwide. Notably, 50% of women across various age groups are affected by financial anxiety, compared to 41% of their male counterparts. This trend underscores a broader issue concerning financial confidence and stress among women versus men.
Delving deeper into demographics, the study highlights that in the United States, 45% of women aged 25-34 experience anxiety regarding their financial situation, contrasting with 39% of men in the same bracket. Meanwhile, optimism amongst young males is notably higher, with 69% expressing hopefulness about their financial prospects compared to 58% of young women.
This pattern of financial anxiety is not confined to the United States alone. The United Kingdom presents a similar scenario where a substantial 67% of women aged 25-34 report financial anxiety, juxtaposed with 43% of men. Similarly, in Japan, the figures are 67% for women and 44% for men, further indicating an international trend of financial unease among young women.
The differences in financial planning strategies also contribute to this financial anxiety. A significant portion of women, over half of those surveyed, prefer to maintain short-term financial plans lasting three years or less. In stark contrast, 52% of their male counterparts opt for long-term financial strategies extending three years or more.
Grace Massey, Chief Marketing Officer at nudge, articulates the barriers women face in achieving financial stability, citing the pervasive gender pay gap as a critical factor. Women, who often earn 24% less than men globally, still aspire towards specific life goals such as family support, which adds layers of complexity to their financial decision-making processes.
Echoing these findings, Andrew Mulder, People Director at nudge, emphasizes the need for employers to recognize these challenges and assist women in establishing enduring financial security, which could bridge the gap in financial optimism.
The study reveals crucial insights into the gender differences in financial anxiety, urging a need for focused efforts to support women’s financial wellbeing.
