Expanding the financial wellness conversation

Understanding employee perspectives on financial health can inform your company’s strategies for meeting employees where they are—and guiding them toward financial wellness. Our ninth annual Workplace Benefits Report offers a window into employee points of view, providing valuable insights and presenting expanded opportunities to enhance your company’s programs, communications and education.

The 2019 report explores the importance of certain benefits programs, the impact of employee caregiving responsibilities, and diversity and inclusion programs. Take a look at the highlights from this year’s report:

  • Twice as many employers offer workplace financial wellness programs today compared to four years ago...

    Workplace financial wellness programs are offered by 53% of firms, twice as many as four years ago
  • ...contributing to more than half of employees rating their own financial wellness as good or excellent...

    In 2019, 16% rated their financial wellness as poor or fair; 29% average; 55% good or excellent. In 2018, 19% rated their financial wellness as poor or fair; 20% average; 61% good or excellent.
  • ...but there are still areas of opportunity, particularly with women who continue to lag in financial wellness.

    Women are less likely to say they feel financially well: 43% of women compared to 65% of men
  • There is an opportunity for HSA education for both employees and employers.

    11% of employees are able to correctly identify HSA attributes; 65% of employers say they have a good understanding of HSAs
  • Nearly half of employees (45%) perform caregiving duties for a family member, leading to an average of 12 hours of work missed per month. Yet, 62% of those caregivers think their employer doesn’t know they have caregiving responsibilities.

    62% of employees who are caregivers think their employer does not know
  • Only 51% of firms offer diversity and inclusion (D&I) programs, but did you know creating a culture of diversity and inclusion can encourage innovation, boost productivity and instill an atmosphere of employee commitment?

    51% of employees offer diversity and inclusion programs; 27% of employers are considering offering diversity and inclusion programs in the future

Key takeaways

Download the complete report learn more about the findings and actions employers can consider to affect positive change.

Continually evaluate your financial wellness program with your Bank of America representative to help ensure it is meeting your goals.

Read a white paper about the benefits of health savings accounts, and work with your Bank of America representative to help enhance your related education and communication programs.

Review our white paper, Strategies to Support Caregivers, to learn more about this growing trend and solutions for employers.

Work to expand both the availability and use of diversity and inclusion programs in the workplace. Review our report on the how creating a culture of diversity and inclusion can help encourage innovation, boost productivity, and instill an atmosphere of employee commitment.

2019 Bank of America Workplace Benefits Report Methodology. Escalent conducted an online survey with a national sample of 996 employees 804 employers who responded between February 1, 2019 and February 26, 2019. To qualify for the survey, employees had to be current participants in a 401(k) plan and employers had to currently offer a 401(k) plan; the plans did not have to be provided by Bank of America. Bank of America was not identified as the sponsor of the study.