Employee financial well-being is trending down as employees face mounting financial pressures and stress, according to a new report — and they're increasingly looking for help from their employers.
Just 47% of employees feel financially well-off, a drop from the 52% who said so at the start of the year, according to a survey of nearly 1,000 full-time employees and 800 employers from Bank of America's 2025 Workplace Benefits Report. That's a regression to the same level measured in 2024, but higher than the 2023 level of 43%. Still, given the drop and confluence of economic pressures in flux, it's a trend employers should monitor, especially given that levels may decline further.
The concerning data comes amid shifting economic tailwinds.
Unemployment is up, according to the latest employment report from the U.S. Bureau of Labor Statistics (BLS), rising to 4.3% in August, its highest level since late 2021. Inflation is also trending up as "tariff-related price increases have continued to put upward pressure on consumer and producer prices," said Sydney Ross, economic researcher at SHRM. The latest consumer price index jumped 0.4% on a monthly basis and rose 2.9% for the 12 months ending in August.
In addition to those pressures and concerns, employees are "juggling complex, competing financial priorities — ranging from debt repayment to retirement savings," said Lorna Sabbia, managing director, head of workplace benefits at Bank of America. The financial institution's report found that nearly 9 in 10 of U.S. workers have some sort of personal debt, and half wish they had started saving for retirement at a younger age. "People in general are also living longer, which puts added pressure on saving for retirement," Sabbia said.
Meanwhile, the report also found that 45% of employees haven't saved enough for emergencies because they're focused on paying down debt. The vast majority of employees (85%) carry some form of personal debt, and 38% said they're not saving for future health care costs that continue to climb.
Looking for Employer Help
The drop in feeling of financial wellness is prompting more employees to look for help from their employer: Twice as many U.S. workers are currently looking to their employers for guidance and resources around near-term financial needs, compared to two years ago. The Bank of America report found that 26% of the workforce is seeking help in areas such as emergency savings, paying down debt, and overall financial wellness, compared to 13% in 2023.
Employees also said they are looking for financial wellness resources revolving around retirement education and planning (36%), learning how to generate income in retirement (33%), and developing good financial skills and habits (33%).
Those findings, Sabbia said, "give companies an opportunity to become an employer of choice by offering benefits that help employees navigate their financial futures. 401(k) plans and health insurance are now table stakes. Employees today want benefits that support all of their financial needs."
Still, not all employers offer financial wellness programs or resources. The Bank of America report showed that 54% of large employers provide financial wellness programs, while only 32% of small businesses do. The SHRM 2025 Employee Benefits Survey found that 33% of employers offer nonretirement financial advice online in a group/classroom or one-on-one; 17% offer credit counseling services; and just 3% offer emergency savings accounts.
"The assumed cost of financial wellness benefits can be a barrier for some companies," Sabbia noted.
That said, "employees are more motivated, satisfied and productive at work when they believe their employer cares about their well-being," she added. "Workplace benefits are an investment in your company's profitability, at the end of the day."
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