September 2022

A new era of financial wellness

Get ready to delve into the latest workplace trends and gain insights into employees’ financial mindsets as we look forward to the release of our 2022 Workplace Benefits Report, planned for the week of September 26. As we anticipate the release of the full report, we're excited to offer a preview of the findings—which we believe signal a “new era of financial wellness.”1

The more deeply we understand the financial needs and priorities of employees, the more effectively we can work together to develop strategies to create a more meaningful benefits experience that helps employees take action toward their financial goals.” —  Lorna Sabbia, head of Retirement and Personal Wealth Solutions
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  • Employers are feeling a greater sense of responsibility for their employees’ financial wellness

    Graph showing employers who say they feel responsible, at 97% (footnote 1) compared to 41% (footnote 2) from 9 years ago.

  • Employers feel responsible for employees’ understanding of health care costs in retirement

    84% of employers say they feel very responsible (footnote 1).

  • Impact of current economic conditions on financial wellness

    56% are confident they will reach their retirement goals, down from 69% in February 2022 (footnote 3).

  • Employees are looking to their employers for help managing a wide range of financial needs

    80% of employees think employers should play a role in supporting their financial wellness (footnote 1).

  • Employee resignations are on the rise due to concerns about compensation, burnout and work-life balance

    46% of employers reported an increase in resignations over the past year (footnote 1).

  • Employers reported solutions that can help attract and retain talent

    Graph showing: Offering financial wellness tools (84%), Comprehensive diversity and inclusion programs (74%), Neurodiversity recruitment and retention strategy (79% currently have or are planning to implement within the next three years).(footnote 1)

Key takeaway

  • We encourage you to review the full report when you receive it, then talk with your Bank of America representative about strategies to enhance your financial wellness and employee engagement programs.

1 Bank of America 2022 Workplace Benefits Report.

2 Bank of America 2013 Workplace Benefits Report.

3 Bank of America 2022 Workplace Benefits Report, February 2022 survey and July 2022 pulse survey.

Bank of America 2022 Workplace Benefits Report, February 2022, methodology: Escalent surveyed a national sample of 834 employees who are working full-time and participate in 401(k) plans, and 846 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 3, 2022 and February 28, 2022. 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 of the study.

Bank of America 2022 Workplace Benefits Report pulse survey, July 2022, methodology: Escalent surveyed a national sample of 478 employees who are working full-time and participate in 401(k) plans. The survey was conducted between July 5, 2022 and July 19, 2022. To qualify for the survey, employees had to be current participants of a 401(k) plan. They weren’t required to work with Bank of America. Bank of America was not identified as the sponsor of the study.