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Bank of America Study Finds Employers’ Sense of Responsibility for Employees’ Financial Wellness Increased Significantly Over the Last Decade

62% of Employers Feel Extremely Responsible for the Financial Wellness of Their Employees, Up from 13% in 20131

Bank of America announced findings from its 10th annual Workplace Benefits Report, which reveals 62% of employers feel “extremely” responsible for their employees’ financial wellness today, compared to 13% in 20131. This sense of increased responsibility by employers is even greater with respect to their employees’ retirement, with 80% feeling very or extremely responsible for helping employees prepare for retirement healthcare needs and costs, up from 22% in 2012;2 and 78% for preparing employees for retirement income needs, up from 33%.2

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“Over the last decade, we’ve seen a significant increase in the range of financial wellness programs, which have become an integral part of employer benefits offerings”

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%)

“Over the last decade, we’ve seen a significant increase in the range of financial wellness programs, which have become an integral part of employer benefits offerings,” said Lorna Sabbia, Head of Retirement and Personal Wealth Solutions for Bank of America. “While this growth is essential and encouraging, the pandemic has brought the topic of holistic well-being into sharper focus. Though the effects of these times have yet to be fully understood, employees are facing greater stress and demands on their time, straining their overall sense of wellness. More needs to be done to ensure employees feel supported at work – financially, physically, emotionally and mentally.”

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