Driven in part by a higher cost of living and inflation, double the number of workers are turning to their employers for help with their pressing financial needs, such as emergency savings, reducing debt and general financial wellness, according to Bank of America’s 2025 Workplace Benefits Report, released Wednesday.
More than 1 in 4 workers wanted company assistance, compared to 13% in 2023, per the report, which was conducted in partnership with Bank of America Institute.
“The modern employee wants help with their broader financial goals,” Lorna Sabbia, head of workplace benefits at Bank of America, said in a news release.
Based on nationwide surveys of nearly 1,000 employees and 800 employers, the report found that 54% of larger employers provide financial wellness programs, while only 32% of smaller businesses do.
By the numbers
24%
The share of workers who say they recently left or thought about leaving their company because of lacking workplace benefits. This compares to 15% who said the same in 2023.
33%
The percentage of workers who would like help in developing strong financial skills and habits.
53%
The percentage of workers who say they haven’t reached their emergency savings goal, many of whom said they’re living paycheck to paycheck.
67%
The share of workers who feel confident they’re set to save what they need to reach their retirement lifestyle goals.
85%
The percentage of workers who carry some type of personal debt, such as credit cards, student loans or mortgages.