20 Sep 2021

Disrupt damaging money habits to build truly inclusive global financial wellbeing strategies

The world’s first global financial wellbeing research, Disrupting money habits, aims to break down the disparate financial needs, habits and behaviours of over 11,500 people around the world. This report from nudge looks to uncover how employers can break cycles of financial exclusion and build truly inclusive global financial wellbeing strategies.

Why read this report? 

Everyone should have the ability to feel in control of their money and be hopeful about their financial future – but our research has revealed a different reality. In fact, many are being left behind the rest of the world. 49% of people feel excluded from the financial ecosystem. Not only is it unfair, it causes anxiety, discontent, hopelessness, and that weighs heavy on people’s wellbeing.

The question is how do we, as employers, address this inequality?

The first step is to understand the diverse financial experiences, needs, attitudes and behaviours of your global workforce. Your understanding should be contextualised by external factors, or world events, and coupled with financial wellbeing trends that influence behaviours. Disrupting money habits outlines those disparate financial challenges people are facing across the globe, and introduces emerging trends including:

1. Technology and the endless scroll of misinformation

We asked, what are the risks of entrusting our financial futures into the hands of the tech gods? The data shows that lacking credible financial help and with nowhere else to turn, four out of 10 people rely on risky, unregulated financial education that can confuse or mislead. Aggravated by local nuances and cultural differences, the trend highlights a desperate need for trusted, unbiased, inclusive technology.

2. Family and why cycles of exclusion actually start at home

Globally, we need to stop generation after generation repeating the same financial mistakes. Most people (74%) rely on family to learn money management – we’re simply not using the influence of family for good. Many people repeat bad family financial habits and it’s time that stopped. Together let’s challenge inherited habits and tap into family as a financial motivator, with reputable financial education that’s inclusive.

3. The global human and how some of us experience bigger barriers to financial contentment

We want to help people overcome constraints by understanding their similarities and help them to come together in their differences. One thing’s for sure, our desire for financial wellbeing is universal, but its interpretation across the globe is starkly different. Using regional, cultural, gender and income data, coupled with personalised financial education, we can foster inclusion and help the 45% of people who feel anxious about their financial situation.

4. The future and how employers can help people find freedom through financial goals

What will it take to extinguish exclusion for a brighter tomorrow? Simply having enough money to pay the bills is the top aspiration for 55% of us, and one in three are depressed about their financial situation. This lack of financial security is a drain on mental health and business outcomes. People trust employers to help them with their financial goals and their wellbeing, so businesses are in the best position to break cycles of exclusion for good. Question is, what’s stopping you?

Ultimately, to address this inequality, financial skills and knowledge should be available to everyone – regardless of ethnicity, gender, generation, nationality or socioeconomic background. Our research aims to help organisations grow through enhanced inclusion, a globally aligned benefit experience and a workforce that's financially well.

Download the report and find out:

Never seen before global trends in financial wellbeing.
Why organisations play a key role in breaking cycles of financial exclusion.
How to build a truly inclusive global financial wellbeing strategy.

Let’s disrupt damaging money habits together, download the Disrupting money habits report.

This article is provided by nudge.

You can hear the further research analysis from our co-founder Jeremy Beament at REBA’s Employee Wellbeing Congress 2021, during his session: ‘Disrupting money habits – why it’s time for organisations to break cycles of exclusion’. Find out more and register to attend.