Workers doubling down on employers for financial guidance, report finds

Amid economic uncertainty, including higher costs of living and persistent inflation, many employees say they want advice about long-term savings and managing personal finances, according to Bank of America’s 2025 Workplace Benefits Report.

Compared with two years ago, “twice as many American workers are looking to their employer for guidance and resources,” according to the report, which was released last week. This year, 26% of survey respondents reported seeking help to improve their financial health, including increasing savings or reducing debt, compared with 13% in 2023. Employees are also interested in resources and advice on retirement planning—including strategies for making money during this time—and developing good financial skills and habits.

See also: Emergency savings: A ‘gateway drug’ to better retirement savings

The report found that more than two-thirds of employees remain optimistic about their financial future over the next three years and are confident they are on track to achieve their retirement lifestyle goals. The same percentage say saving for retirement is a top financial goal, but they are struggling to pay down debt and build emergency savings. Only about one-third of employees are saving for healthcare expenses during retirement, even though these costs continue to surge, the report said.

Saving for unexpected expenses is the second-most important goal for employees, behind saving for retirement. Half of employees said they have not been able to reach their emergency savings goal, with a greater percentage of women falling below their goals than men.

Stock awards also on financial wish list

“Nearly half of employees say they lack emergency savings due to a focus on repaying debt,” the report said. “Eighty-five percent of employees carry some form of personal debt, with 58% carrying credit card debt.”

Many employees report that debt causes them stress and affects their ability to focus at work. Less than one-third of companies offer credit counseling or debt assistance, although the survey revealed a growing percentage of companies are considering adding these benefits in the future.

Equity awards have become an increasingly popular benefit that employers are implementing to attract and retain talent. About half of employees said they are interested in stock awards, while about 30% of employers plan to implement such awards. Among employers that already offer equity awards, two-thirds say the number of employees receiving them has increased over the past three years and 83% are considering expanding these offerings.

“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,” says Kai Walker, head of retirement research and insights at Bank of America. “Financial wellness programs, equity awards, debt assistance and caregiver support can all help attract and retain top talent.”

This article was originally published on BenefitsPRO, a sister site of HR Executive. For more content like this delivered to your inbox, sign up for BenefitsPRO newsletters here.