TOP 5

Preview findings from the 2021 Workplace Benefits Report

For the past 11 years, we have conducted research to better understand how employers think about their benefits offering and to learn more about the the kind of support employees want on financial and non‑financial topics. We bring together the findings of this research with insights and analysis in our comprehensive Workplace Benefits Report, which we share with you each year. The 2021 report will be available soon, but here’s a preview of five of the topline findings.

  • Employee feelings of financial wellness are rebounding, especially for younger generations

    Percentage of employees by age reporting that they feel a good or great sense of financial wellness:

    Gen Z and Millennials, ages 18–44: 41% in 2020 footnote 2, 48% in 2021 footnote 1; Gen Xers, ages 45–54: 38% in 2020 footnote 2, 48% in 2021 footnote 1; Baby Boomers and Silent Generation, ages 55+: 61% in 2020 footnote 2, 58% in 2021 footnote 1

    1 Bank of America, 2021 Workplace Benefits Report.

    2 Bank of America, 2020 Workplace Benefits Report.

  • Much like age and gender, ethnicity also plays a role in influencing employees’ feelings of financial wellness

    Percentage of employees by ethnicity reporting that they feel a good or great sense of financial wellness:

    Hispanic/Latino: 48%. Asian: 56%. Black/African American: 51%. White/Caucasian: 52%.

    Bank of America, 2021 Workplace Benefits Report.

  • Women are more likely than men to find their financial situation stressful

    Percentage of men vs. women who feel some level of stress about their financial situation:

    Graph comparing men 88% to women 92%

    Bank of America, 2021 Workplace Benefits Report.

  • More employers are offering financial wellness programs

    Percentage of employers who offer financial wellness programs:

    Graph comparing 2021 percentages to 2020. All employers: 2021 46% footnote 1, 2020 40% footnote 2. Large employers: 2021 59% footnote 1, 2020 50% footnote 2.

    1 Bank of America, 2021 Workplace Benefits Report.

    2 Bank of America, 2020 Workplace Benefits Report.

  • Employers are taking a more holistic approach to wellness

    Percentage of employers who are expanding wellness programs to address diversity and inclusion:

    72% of employers offer diversity and inclusion programs, or plan to in the next 1–2 years.

    Bank of America, 2021 Workplace Benefits Report.

We’ll be announcing the launch of the 2021 Workplace Benefits Report soon, so stay tuned! And, we’ll be taking a deeper dive into the findings in next month’s Workplace Insights™.

Methodology
Escalent surveyed a national sample of 1,363 employees who are working full-time and participate in 401(k) plans, and 834 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 December 28, 2020 and February 8, 2021. To qualify for the survey, employees had to be current participants of a 401(k) plan and employers had to offer a 401(k) plan option. Neither was required to work with Bank of America. Bank of America was not identified as the sponsor.