Sixty-two percent of employers feel "extreme responsibility" for their employees' financial wellness—a big jump from 13% in 2013, according to Bank of America's 2020 Workplace Benefits Report. And they should. A 2017 IBM Watson Health research brief found that employees experiencing financial distress were less likely to utilize preventive health care, and were more likely to have higher rates of the most serious and expensive health conditions. The result is higher health care costs for both employers and employees.
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