More than six in 10 employers feel “extremely” responsible for their employees’ financial wellness today, according to Bank of America's 10th annual Workplace Benefits Report.
In 2013, just seven short years ago just 13% of employers feel “extremely” responsible for their employees’ financial wellness.
In an interview with Retirement Daily, Surya Kolluri, managing director, Retirement and Personal Wealth Solutions, at Bank of America, described the key findings from the report as well as four action steps employers can take to increase overall employee wellness.
According to a release, the range of topics being addressed by workplace financial wellness programs has increased significantly as well, with employees seeking support and resources across more of their financial lives. Compared with findings from the 2013 Workplace Benefits Report, these programs today focus on:
- Saving for retirement (81% vs. 70%)
- Planning for healthcare costs (71% vs. 38%)
- Budgeting (63% vs. 14%)
- Saving for college (55% vs. 13%)
- Managing debt (54% vs. 15%)
Other key findings:
- Financial wellness and productivity are interconnected.
- Financial wellness has declined since 2018, and varies by generation.
- Professional financial advice and holistic support remain top priorities.
- Debt is a multifaceted challenge.
- Women need financial wellness programs tailored to their unique financial journey.