Sentiment among U.S. workers about their financial wellbeing has improved in 2024, according to new research from Bank of America.
The share of respondents to the firm’s 14th annual Workplace Benefits Report who feel financially well has increased by five percentage points to 47%, while the cohort who are concerned about the current economic conditions impacting their long-term retirement savings has fallen 10 points to 53%.
The number of employees prioritizing long-term retirement savings is slowly trending upwards (33% today, up from 31% in 2023). This has become their top financial goal, overtaking those focused on short-term financial needs last year.
The report, produced in collaboration with the Bank of America Institute, also highlights the growing gap between how men and women feel about their finances. While 53% of men say they have good financial wellness, this falls to just 36% among women.
However, 76% of all respondents said that the cost of living is outpacing wage or salary growth, up from 67% in June 2023. This is leading them to take proactive action such as limiting expenses (62%), reducing debt (43%), and boosting emergency funds (41%).
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