What do employees want? American employees are feeling somewhat more optimistic for their financial future than they were a year ago, although there is still great concern over debt and cost-of-living expenses, according to Bank of America' 14th annual "Workplace Benefits Report: the Resurging Workforce." Bank of America surveyed 955 employees who are working full-time and participate in 401(k) plans and 804 employers who offer a 401(k) plan. What employees say they want seems to fluctuate with trends in the economy and culture. Also, women expressed significantly lower financial wellness scores than men: More than half (53%) of men reported good financial wellness, while only a third (36%) of women said so. Financial wellness resources that employees want the most include online financial tools and calculators, retirement education, education to develop financial skills and good financial habits and a platform with all employees' information in one place with clear steps to help identify and reach their goals. |
Related: More workers feeling 'financially well': Retirement is top financial goal
"Despite concerns about the cost of living and plans to limit expenses, more employees are feeling confident about their financial well-being," said Lorna Sabbia, Head of Workplace Benefits at Bank of America. "However, there is still work to be done to address gender equity, as women continue to report much lower financial wellness scores than men." The good news is that 79% of workers plan to stay at their company for the next year, according to the survey. However, a closer look at workplace benefits reveals that employees seek the following benefits that allow for greater work/life balance and can help them balance their current financial priorities with planning for the future.
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