Nearly seven in ten employees are optimistic about their financial outlook for the next three years, but many are seeking support from their employers for both long-term savings and immediate financial concerns. Rising living costs and ongoing inflation have prompted more workers to seek help prioritizing their financial needs.
The 2025 Workplace Benefits Report from Bank of America, produced with the Bank of America Institute, found that 26% of American workers now look to their employers for guidance on near-term financial matters such as emergency savings and debt management, up from 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 habits (33%).
The report is based on nationwide surveys involving nearly 1,000 employees and 800 employers. It examines employee well-being, retirement readiness, and the state of workplace benefits.
More than eight out of ten employers say that offering financial wellness resources improves job satisfaction, productivity, talent attraction, and recommendations as a workplace. However, only about half (54%) of larger companies offer these programs compared to a third (32%) of smaller firms.
Workplace benefits are playing an increasing role in staff retention. Nearly a quarter (24%) of employees said they have recently left or considered leaving a company due to inadequate benefits—up from 15% last year.
Emergency savings remain a key concern; it is the second-most important goal after saving for retirement. Half of employees have not reached their emergency savings target, with women more likely than men to fall short. Many cite living paycheck-to-paycheck as a primary reason.
Personal debt also affects emergency savings: 45% say repaying debt prevents them from saving for emergencies. The report notes that 85% carry some form of personal debt—58% specifically credit card debt—which many say leads to stress and reduced focus at work. Less than one-third of companies offer credit counseling or other debt assistance outside student loans; more plan to add such programs.
While two-thirds feel confident about being on track for retirement, this varies by gender: 59% of women versus 72% of men feel prepared. About half wish they had started saving earlier.
Equity awards are seen as an effective tool by employers; 60% say they help attract and retain talent. Nearly half (48%) want stock awards added in coming years; almost one-third (30%) of employers plan such additions. Of those already offering equity awards, most have increased participation recently and are considering further expansion.
“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 methodology included responses from full-time employees participating in 401(k) plans and employers responsible for managing those plans between December 2024 and May 2025. Respondents were not required to work with Bank of America or know its involvement in the study.
