Nearly 70% of employees are optimistic about their financial outlook over the next three years, but a growing number are looking for help managing both immediate and long-term financial issues. According to Bank of America’s 2025 Workplace Benefits Report, produced in partnership with Bank of America Institute, the proportion of American workers seeking employer support for near-term financial needs has doubled from 13% in 2023 to 26% this year.
Lorna Sabbia, Head of Workplace Benefits at Bank of America, stated: “The modern employee wants help with their broader financial goals. 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 say they need resources for retirement education and planning (36%), generating income in retirement (33%), and developing good financial habits (33%). The annual report is based on surveys conducted nationwide with nearly 1,000 employees and 800 employers. It examines topics such as employee well-being, retirement preparedness, and the state of workplace benefits.
More than eight out of ten employers believe that offering financial wellness resources contributes to job satisfaction, productivity, talent attraction, and positive recommendations as a workplace. However, only about half (54%) of larger employers provide these programs compared to one-third (32%) of smaller firms.
Workplace benefits have become increasingly important for retaining staff. Nearly one in four employees said they have left or considered leaving a job due to insufficient workplace benefits—a rise from 15% last year.
Additional findings include that building emergency savings is now the second-highest priority for employees after saving for retirement. Over half (53%) have not reached their emergency savings target; women are more likely than men not to meet this goal. Many cite living paycheck-to-paycheck as a key factor.
Personal debt remains an obstacle: nearly half (45%) lack emergency savings because they prioritize debt repayment. Most employees carry some form of personal debt—58% specifically have credit card debt—which many say leads to stress and reduced work productivity. Despite this situation, fewer than one-third of companies offer credit counseling or debt assistance beyond student loans; more plan to introduce these services going forward.
Regarding retirement readiness, two-thirds feel confident about achieving their desired lifestyle after retiring—though confidence varies by gender and life stage—with only 59% of women feeling on track compared to 72% of men. Half wish they had started saving earlier.
Equity awards are becoming a key tool for attracting and keeping talent: sixty percent of employers say equity awards set them apart when recruiting or retaining staff; nearly half the workforce wants stock awards added within the next few years; about one-third of companies intend to do so. Among those currently providing equity awards, most report increased participation over three years and plans for further expansion.
Kai Walker, Head of Retirement Research and Insights at Bank of America commented: “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. Financial wellness programs, equity awards, debt assistance, caregiver support can all help attract and retain top talent.”
The methodology involved surveying full-time employees who participate in 401(k) plans along with employers responsible for those plans between December 2024–January 2025; an additional survey was conducted April–May 2025 among another group meeting similar criteria.