Background: Each year, Bank of America conducts the Workplace Benefits Report to understand the needs and priorities of workers, and to share those insights to help inform workplace benefit programs. The report surveys employers and employees to examine trends in valued benefits, employee retirement preparedness, and overall financial wellbeing.Findings: While seven in ten employees remain optimistic about their financial future over the next three years, many are seeking advice around both long-term savings and managing personal finances today. Higher living costs and persistent inflation are causing workers to look for help prioritizing their overall financial goals, and compared to a couple of years ago, twice as many workers are looking for guidance and resources specifically around near-term financial needs.Other key findings:Retirement Readiness – While two in three employees (67%) feel confident they’re on track for the retirement they envision, confidence varies by gender; 59% of women feel on track compared to 72% of men. Half of employees wish they started saving for retirement at a younger age.Emergency Savings – Growing savings for unexpected expenses is employees’ second-most important financial goal — trailing only saving for retirement. Feeling overwhelmed by how to prioritize all their financial needs at once, half of employees (53%) have not hit their emergency savings goal, often saying they’re living paycheck-to-paycheck.Personal Debt – Nearly half of employees (45%) say they lack emergency savings because they’re focusing on repaying debt. Many employees say that it causes stress and a loss of focus, and productivity at work. Despite this, fewer than one in three companies offer credit counseling or debt assistance aside from student loans.Equity Awards – 60% of employers say an equity award has been a differentiating factor in attracting and retaining talent. Nearly half of employees (48%) say they want their employer to add stock awards in the next few years, and nearly one in three employers plan to do so.Employee Satisfaction – More than eight in 10 employers say financial wellness resources help drive job satisfaction, productivity, the ability to attract top talent, and be recommended as a great place to work. But less than half actually offer financial wellness programs — and employees are increasingly feeling that employers are not taking responsibility for their financial wellbeing.As seen in the below chart, at the start of 2025, a sense of financial well-being extended to over half the workforce. Just a few months later, financial wellness fell to its 2024 level:Bottom Line: Today’s employees want help with their broader financial goals. And while some companies are evolving their benefits to keep up with the needs of their employees, others remain focused on just the traditional benefits. Employers should talk to their employees and offer resources to support their workforce in ways that bolster their long-term goals while helping them tackle short-term challenges.Insights shared by guest contributors are their own and do not represent the views of DCIIA or the RRC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Disclosures:Workplace Benefits is the institutional retirement and benefits business of Bank of America Corporation (“BofA Corp.”) operating under the name “Bank of America.” Investment advisory and brokerage services are provided by wholly owned non-bank affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”), a dually registered broker-dealer and investment adviser and Member SIPC. Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., Member FDIC.Investment products:Are Not FDIC InsuredAre Not Bank GuaranteedMay Lose ValueCertain Bank of America associates are registered representatives with MLPF&S and may assist you with investment products and services provided through MLPF&S and other nonbank investment affiliates.Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.© 2024 Bank of America Corporation. All rights reserved. | MAP8629983 |