Bank of America’s 10th annual Workplace Benefits Report reveals that 62 percent of employers feel “extremely” responsible for their employees’ financial wellness today, compared to 13 percent in 2013.
This sense of increased responsibility by employers is even greater with respect to their employees’ retirement, with 80 percent feeling very or extremely responsible for helping employees prepare for retirement healthcare needs and costs, up from 22 percent in 2012 and 78 percent for preparing employees for retirement income needs, up from 33 percent.
The report examines trends in workplace financial benefits and wellness, tracking both employee and employer sentiment. Based on a nationwide survey of 996 employees and 808 employers, key findings include:
- Financial wellness and productivity are interconnected. 83 percent of employers believe employee financial wellness programs and tools help to create more productive, loyal, satisfied and engaged employees; and
- Financial wellness has declined since 2018 and varies by generation. In March of this year, 49 percent of employees rated their financial wellness as good or excellent, down from 55 percent in 2019 and 61 percent in 2018. Fewer Gen Z (41 percent), Millennial (41 percent) and Gen X (38 percent) employees rate their financial wellness as good or excellent today, compared with 60 percent of Baby Boomers and the Silent Generation.