Workplace Benefits Report

As employees’ feelings of financial wellness hit an all-time low, employers must evolve and meet the needs of today’s workforce.

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Vanessa Cook

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Taylor Bowley

September 2023

Key takeaways

  • A recent Bank of America Workplace Benefits Report, based on nationwide surveys of more than 1,300 employees and nearly 800 employers, found that overall financial wellness among workers dropped to 42%, the lowest rate since this study began in 2010. Two-thirds of workers now believe the cost of living is outpacing growth in their salary or wages, compared to 58% in February 2022.
  • Employees continue to look for support from their employers, with most employees (76%) and almost all employers (96%) agreeing that employers are responsible for employee financial wellness. However, only 2 in 5 employers currently offer financial wellness programs.
  • While employers report that resignations are not as widespread as last year, staffing continues to be a challenge. This year's Report offers insights into how employers can evolve their strategies to attract and retain talent as the employment landscape continues to change.

Read our full analysis for a more in-depth look at these trends.