Employee financial wellness in America

Against a backdrop of inflation and economic uncertainty, employees are stressed about their finances. They’re feeling the impact, and there’s growing evidence that the majority lack the financial skills necessary to tackle these challenges.

It’s no surprise that employee financial stress is at an all-time high. Today, 66% of workers experience stress about their financial situation, and 76% believe that the cost of living is outpacing growth in their income.¹ This is a concern for businesses, since having employees who are stressed about their finances can substantially impact workplace productivity, creativity and morale. Employees are increasingly looking to their employers for help, and we’ve seen a sense of responsibility grow among those employers, significantly expanding the scope of financial wellness programs they provide.

Our report, Employee Financial Wellness in America, focuses on understanding — through a generational, gender and income² lens — the financial wellness of 88,735 401(k) participants on Bank of America’s record-keeping system in 2025. We’ve also included trend analysis from 135,195 401(k) participants in 2021, 88,714 participants in 2022, and 105,127 participants in 2023. These findings can help employers gain a greater understanding of employees’ behaviors and financial needs so they can better tailor workplace benefits programs that inspire employees to take action to help improve their financial health.

A few key findings include:

Employees are struggling to manage short-term expenses and attain long-term financial goals.
Women continue to trail men in managing day-to-day finances, which limits their ability to make progress toward saving for retirement.
Younger generations are weighed down by student debt, while older generations are at risk of not having enough money to retire.

Key takeaways

Download the full report.
Speak with your Bank of America representative about employee engagement strategies to help promote healthy financial habits.
Promote educational resources with your employees, such as the Education Center and Better Money Habits®.

¹ 2024 Workplace Benefits Report, Bank of America Corporation, 2024.

² Refers to household income.