Employers have told us that one of their top priorities is to help employees get on the path to financial wellness. And employees are looking to their employers for help. Wouldn’t it be great if each of your employees had convenient access to a personalized online experience that guides and supports them every step of the way?
We think so, too. That’s why, later this year, we will begin introducing Financial Wellness Tracker—a highly personalized digital experience that can help guide employees throughout their financial wellness journey. It can help employees answer questions such as “How am I doing?” and “What should I consider doing next?”
Financial Wellness Tracker will help employees better understand their individual financial situation, and will provide a personalized action plan that identifies financial priorities and suggested next steps. It will also measure their progress along the way, offering encouraging and educational messaging to help keep them on track. The new experience—a core component of Financial Life Benefits™, our suite of workplace benefits and solutions designed to help meet the short- and long-term needs of employees—will make it easy for employees to get financial guidance that is meaningful to them, with convenient access on Benefits OnLine® and an engaging experience tailored to their individual needs.
We’re excited to offer this valuable new addition to complement your financial wellness program, but we like to consider it so much more than the latest tool. It is an experience of self-discovery and development, reinforcing the positive financial behaviors and skills that will help employees make a lifetime of sound financial decisions.
For illustrative purposes only.
Wondering how we calculate financial wellness scores and what informs our suggested actions? To learn about the science behind the Financial Wellness Tracker, read the article “Defining financial wellness” in this issue of Workplace Insights™.
It’s coming to 401(k) plans this year. We’ll be in touch with more information about our launch plans soon.
Any new products, services, enhancements, and release dates are subject to change based solely on Bank of America decision, including not proceeding with a planned offering.