Nearly 70% of employees are optimistic about their financial future over the next three years, but many are also seeking advice on both long-term savings and managing day-to-day finances. Rising living costs and ongoing inflation have led more workers to look for help in addressing all their financial needs at once.
According to Bank of America’s 2025 Workplace Benefits Report, conducted with the Bank of America Institute, the percentage of American workers seeking employer guidance on near-term financial issues has doubled since 2023. Now, 26% of employees seek help with emergency savings, debt repayment, and overall financial wellness, compared to 13% two years ago.
“The modern employee wants help with their broader financial goals,” said Lorna Sabbia, Head of Workplace Benefits at Bank of America. “Employers should consider additional resources to support their workforce in ways that bolster their long-term goals while also helping them tackle short-term challenges.”
Employees also report needing resources for retirement education and planning (36%), learning how to generate income in retirement (33%), and developing good financial skills and habits (33%).
The report is based on nationwide surveys involving nearly 1,000 employees and 800 employers. It explores topics such as employee financial well-being, retirement preparedness, and the current state of workplace benefits.
Findings show that most employers see value in offering financial wellness benefits: over eight in ten say these resources improve job satisfaction, productivity, talent attraction, and company reputation. However, only about half of larger employers provide such programs (54%), while just a third (32%) of smaller companies do so.
Workplace benefits have become a bigger factor in retaining staff. Nearly a quarter (24%) of employees say they have left or considered leaving a job due to inadequate workplace benefits—up from 15% last year.
Other findings include:
– Emergency savings are now the second-most important goal for employees after saving for retirement. Half (53%) have not met their emergency savings target; this is higher among women (62%) than men (44%). Many cite living paycheck-to-paycheck as a main reason.
– Nearly half (45%) say they lack emergency savings because they focus on paying down debt. A large majority carry some form of personal debt (85%), including credit card debt for 58%. Many report that this causes stress and affects work performance. Less than one-third of companies offer credit counseling or debt assistance beyond student loans.
– Two-thirds (67%) feel confident about reaching their desired retirement lifestyle; however, confidence differs by gender—59% among women versus 72% among men—and life stage. Half wish they had started saving earlier.
– Equity awards play a role in attracting talent: 60% of employers see them as differentiators; almost half of employees want stock awards added within a few years; nearly one-third of employers plan to do so.
“Some companies are evolving their financial benefits to keep up with the needs of their employees, while others remain focused on traditional benefits alone – such as retirement plans and health insurance,” said Kai Walker, Head of Retirement Research and Insights at Bank of America.“Financial wellness programs, equity awards, debt assistance, caregiver support can all help attract and retain top talent.”
The survey was conducted by Escalent between December 2024 and January 2025 among full-time employees participating in 401(k) plans and employers who offer these plans. An additional supplemental survey took place between April and May 2025 to measure changes amid current market conditions.
Bank of America Institute was established in 2022 as a think tank using data from millions of clients across consumer banking operations to provide insights into economic trends.
Bank of America serves approximately 69 million consumer and small business clients through thousands of retail centers and ATMs across the United States as well as digital platforms used by nearly 59 million verified users. The company operates globally across more than thirty-five countries.
