How employees use their benefits to manage their financial lives
Staying on top of one’s finances these days is becoming increasingly complex, and not everyone is starting in the same place. This can make it especially challenging for employers to provide comprehensive workplace benefits and education to help get and keep employees on the right path.
Understanding how employees engage with their benefits, where various employee segments are doing well and where they might need additional support and guidance, can help improve workplace benefits and educational programs. Our 2022 Financial Life Benefits® Impact Report analyzes participant data and behavior across our proprietary benefits programs to identify trends, pull out insights and spark dialogue. And we can use these insights to help advance our work together to give employees the tools and confidence they need to take charge of their financial lives.
Highlights from the report include:
- Download the 2022 Financial Life Benefits® Impact Report.
- Work with your Bank of America representative to offer educational seminars, engagement strategies and tools to help employees take control of their futures.
This report monitors plan participants’ behavior and sponsors’ adoption of new plan design features and services in our proprietary employee benefits programs, which comprise $280 billion in total client assets and 3.1 million total participants with positive retirement balances as of December 31, 2021.
All data is derived from Bank of America Retirement and Benefit Plan Services platform unless otherwise noted (as of December 31, 2021).