A decade of workplace research: What does it tell us?

We have been closely studying the trends in workplace benefits and sharing those insights in our annual Workplace Benefits Report series for 10 years. Understanding how the attitudes and behaviors of employers and employees change over time helps inform our financial wellness programs, products and services.

The upcoming 2020 Workplace Benefits Report will provide the latest data and analysis on financial wellness, the challenges employees face in meeting their financial goals and the support they need to reach them. While the report will be available soon, we wanted to give you a peek at what’s inside.1

Graphic showing 13% in 2013 and 62% in 2020

The responsibility employers feel to support their employees’ financial lives beyond retirement saving has increased dramatically over seven years.2

Graphic showing 8 out of 10 people

80% of plan sponsors feel that financial wellness tools lead to greater employee productivity.2

Graphic showing 13%

Health care costs continue to be a blind spot for employees, with only 13% having dedicated savings for future health care expenses.2

Debt management is a very common challenge, with only 18% of employees saying they are debt free and 59% saying they do not have a high level of control over their debt.2
Those who do not feel financially well have significantly higher levels of debt compared to those who say they feel financially well.2
Women continue to lag men on key financial wellness indicators, including carrying higher levels of debt, making less progress towards saving for retirement and being less prepared to withstand unexpected financial shocks.2
The arrival of the coronavirus has created uncertainty among many employees—lowering feelings of financial wellness, reducing optimism of progress toward financial goals and increasing strain on physical and mental health.2

Watch for the launch of the report in the coming weeks!

1 Note: The national survey was conducted during the month of March, at the beginning of the coronavirus outbreak in the U.S. To help better understand how sentiment and priorities are changing as a result of current events, we are continuing to survey employees and look forward to sharing future insights as we have them.

2 Bank of America Workplace Benefits Report, planned to be released September 2020. Methodology: Escalent Market Research surveyed a national sample of 996 employees who are working full time and participate in 401(k) plans and 804 employers who offer both a 401(k) plan and have sole or shared responsibility for decisions made in the plan. The survey was conducted between February 27, 2020 and March 27, 2020. Respondents were not required to work with Bank of America, nor was Bank of America identified as the sponsor of the study.