Employee Financial Wellness in America

The adverse economic consequences of the pandemic brought significant change in the lives of many, affecting our workplaces, employees, families and communities as a whole. Employees are feeling the impact, and there is growing evidence that the majority lack the financial skills necessary to tackle these challenges.


It’s no surprise that employee financial stress is at an all-time high. In fact, 62% are stressed about their financial situation, and 80% are concerned about inflation.* When employees are stressed about their finances, it has deep impacts on workplace productivity, creativity and morale. The good news is that employees are looking to their employers for help, and we’ve seen employers’ sense of responsibility grow, significantly expanding the scope of financial wellness programs.


This study focuses on understanding — through a generation, gender and income** lens — the financial wellness of 316,000 401(k) participants on Bank of America’s record-keeping system. The findings can help employers gain a greater understanding of employees’ behaviors and financial needs so they can better tailor workplace benefits programs that inspire employees to take action to improve their financial health.


Key findings

1. Our study shows that employees are struggling to manage short-term expenses as well as meet long-term financial goals.

2. Women continue to trail men in managing their day-to-day finances, which limits their ability to make progress toward saving for retirement.

3. Younger generations are weighed down by student debt, while older generations are at risk of not having enough money to retire. 

4. Lower income groups are often unable to make ends meet, are carrying credit card debt and may find it difficult to cover their living expenses in the event of job loss or unexpected expense. 

Read our study for a more in-depth look at these findings.

*Bank of America, Workplace Benefits Report, 2022.

**Refers to household income.

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