The rising cost of living and ongoing inflation are prompting more and more Americans to turn to their employers for financial guidance.
A new joint report from Bank of America (BOA) and the Bank of America Institute found that 26% of the American workforce is seeking assistance in managing household debt, emergency funding, and overall financial health. This marks a significant increase from the 13% reported in 2023.
According to a survey of nearly 1,000 employees and 800 employers nationwide, Bank of America’s 2025 Workplace Benefits Report noted that over 80% of employers believe that providing resources for financial health helps boost employee morale and job performance. The report found that 54% of large corporations and 32% of small companies are already offering financial wellness plans.
More than 36% of surveyed employees indicated they are seeking help with retirement education and planning, while 33% are looking for more information on retirement income generation and cultivating good financial skills.
“Modern employees are seeking assistance with a broader range of financial goals,” said Lorna Sabbia, head of workplace benefits at Bank of America, in a company statement.
“Employers should consider additional resources to support their workforce, enabling them to strengthen long-term objectives while also helping them address short-term challenges.”
The study also revealed that workplace benefits play a crucial role in attracting and retaining talent. Nearly 25% of employees stated that recent lack of adequate workplace benefits (including financial health security) has led them to leave or consider leaving their positions. This number has risen by 15% compared to 2023.
“Some companies are upgrading their financial benefits to meet the needs of their employees, while others are still focusing solely on traditional benefits such as retirement plans and health insurance,” added Kai Walker, head of retirement research and insights at Bank of America, in a statement.
“Financial wellness programs, equity incentives, debt assistance, caregiver support, and other measures all help attract and retain top talent.”
More than 50% of surveyed employees admit that they feel overwhelmed when it comes to juggling all their financial needs at once. Some even struggle to make ends meet with each paycheck, living paycheck to paycheck.
Nearly 45% of individuals revealed that due to focusing on debt repayment, they have little to no emergency savings or none at all. A staggering 85% of employees carry various personal debts such as credit card payments, mortgages, or other loans.
While currently only one-third of employers offer credit counseling services, more companies plan to implement such services in the near future.
Despite carrying debt, two-thirds of employees expressed confidence in achieving financial health post-retirement. However, over half of them admitted they wish they had started saving for retirement at a younger age.
From a demographic perspective, men reported feeling better about their financial health than women, with a ratio of 58% to 41%. Gen Z and Millennials scored higher on this indicator compared to last year, with 48% feeling prepared for retirement. Over 72% of Baby Boomers hold a positive attitude towards their retirement savings.
(Note: The original article titled “More Americans Seek Financial Guidance From Employers, BOA Study Finds” was published on the English Epoch Times website.)