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23 May 2024

Employees feel more positive about money, says Nudge report

Data offers an in-depth analysis of the state of financial wellbeing worldwide, plus guidance and support for employers on how to support employees

Employees feel more positive about money, says Nudge report.jpg 1


Employees worldwide are feeling more positive about their finances, according to Nudge’s latest Global Financial Wellbeing Report.

The report says among 11,577 people in 17 countries questioned, positive money sentiments have increased, while negative sentiments have decreased since Nudge’s 2023 report.

The effect of education and benefits

Nudge’s Global Financial Wellbeing Report looks at how financial education and benefits influence the identification, and success, of achieving life goals.

At the same time, it highlights potential barriers to success, including poor financial literacy and good workplace support.

The overarching aim from this research is to support employers to remove barriers and encourage happier, more productive employees to put them on track to achieving their life goals.

Highlights from the report

  • 1. Global financial wellbeing index: Positive money sentiments have increased and negative sentiments decreased since Nudge’s 2023 report. The current state of financial wellbeing is a spectrum of sentiments from hope to vulnerability.
  • 2. Aspirations: An analysis of global trends in financial goals highlights a strong desire for security. People’s top goal is to feel secure (94%), followed by growing a savings account (90%). Some 43% of employers are very confident that they know how to support employees to achieve their goals.
  • 3. Plans: To understand the connection between financial wellbeing, aspirations and goals, the report investigates employees’ awareness and understanding of having a plan to achieve goals. More than half (59%) of people have an ‘informal’ financial plan, and for 44% their plan doesn’t extend further than three years.
  • 4. Employers role in goals: The report explores the connection between goals, plans, and support, both financial education and from the employer. Two-fifths (40%) of people believe their employer wants to support them to achieve their goals, a 29% increase year-on-year.

Empowering global change

At its core, the Global Financial Wellbeing Report 2024 is a catalyst for positive change in financial health for everyone across the world.

By arming organisations and reward leaders with actionable insights, the research strives to support employees to improve their financial confidence, get out of survival mode and move from functional to aspirational finances.

People who are financially confident are twice as likely to have goals and ambitions. When employees focus on their ambitions, they find their purpose, and through purpose they find a greater sense of wellbeing.

Why employers must get involved

Collaboration and collective action are key. The connections between goals, plans and financial education are united by employers.

The report highlights that when financial education (to set goals and have a plan) is combined with employer support, people are more likely to achieve their goals, gain a better sense of wellbeing and leave room for more aspirational thinking and planning.

Essentially employees need employers to advocate for their aspirations and, in the process, organisations can benefit from employees who are motivated by a bigger purpose.

About the research

In partnership with Censuswide, Nudge surveyed 11,577 people in 17 countries: the US, Canada, UK, Italy, France, Germany, Mexico, Brazil, Argentina, South Africa, UAE, Australia, Japan, Singapore, China, India and Spain. The data has been independently verified by Censuswide.

Download the full report here.

In partnership with Nudge

A leading financial wellbeing benefit using behavioural science & technology to help employees.

Contact us today