More workers look to employers for help with financial stress, BofA poll reveals

Employees are increasingly turning to their workplaces for financial guidance with 26% of participants in a new poll saying they rely on their employers for support with issues such as emergency savings and debt repayment.

The percentage has doubled in two years according to Bank of America’s newly released 2025 Workplace Benefits Report, produced with the Bank of America Institute, which is based on surveys of nearly 1,000 employees and 800 employers.

While 68% of workers say they are optimistic about their financial outlook over the next three years, many are struggling to manage day-to-day costs and long-term goals simultaneously. Persistent inflation and higher living expenses are forcing employees to seek guidance on how to prioritize.

“The modern employee wants help with their broader financial goals,” said Lorna Sabbia, head of Workplace Benefits at Bank of America. “Employers should consider additional resources to support their workforce in ways that bolster their long-term goals while also helping them tackle short-term challenges.”

Employees say they need financial wellness resources including retirement education and planning (36%), learning how to generate income in retirement (33%), and developing good financial skills and habits (33%).

Retirement remains the top financial objective, but building a cushion for unexpected expenses is now the second-highest priority.

However, half of workers say they haven’t reached their savings target, with women (62%) more likely than men (44%) to fall short, and many say that living paycheck-to-paycheck is the reason. Debt is also a significant burden with 85% of employees carrying some form of debt and 58% specifically have credit card balances. Nearly half say their efforts to pay down what they owe have made it harder to set money aside for emergencies.

Employers are beginning to take note though and the survey found that more than eight in ten companies believe financial wellness resources boost productivity, improve job satisfaction, and strengthen their ability to attract talent.

That said, only about half of larger employers currently provide such programs, falling to just 32% of smaller firms. But that could be costly as nearly one in four workers report having left a job, or considering doing so, because their benefits were lacking, up from 15% in 2023.

Two-thirds of employees feel on track toward the retirement lifestyle they envision, but the level of confidence differs significantly. While 72% of men say they are on target, only 59% of women say the same. Nearly half of all workers wish they had started saving earlier.

Interest in equity awards is on the rise, the report shows, with 60% of employers saying offering stock has helped them compete for talent, while nearly half of employees would like to see such benefits added.

“Some companies are evolving their financial benefits to keep up with the needs of their employees, while others remain focused on traditional benefits alone – such as retirement plans and health insurance,” said Kai Walker, head of Retirement Research and Insights at Bank of America. “Financial wellness programs, equity awards, debt assistance, caregiver support can all help attract and retain top talent.”