BofA Study: Percentage of American Workers Feeling Financially Well Rises to 47%

Core Insights - The 2024 Workplace Benefits Report indicates that 47% of American workers feel financially well, an increase from 42% in the previous year, while 53% express concern over economic uncertainty affecting long-term retirement savings, down from 63% in 2023 [1][2] - The financial wellness gender gap is widening, with 53% of men reporting good financial wellness compared to only 36% of women [1][2] Employee Financial Behavior - 60% of workers are limiting current expenses, with 62% taking proactive steps to improve financial wellness, including limiting expenses, paying down debt (43%), and adding to emergency funds (41%) [2][3] - Job loyalty remains high, with 70% of employees planning to stay in their current jobs for the next year, primarily due to good work/life balance (66%) [2][3] Employer Insights - Pay equity is becoming a significant recruitment tool, with only 44% of employers currently addressing it; however, 78% of those with pay equity initiatives report improved talent attraction [2][3] - There is a disconnect regarding retirement health care expenses, as most Americans underestimate the costs, with a retired 65-year-old couple potentially needing over $350,000 for health care, while only 7% of employees believe their yearly health expenses could exceed $10,000 [2][3] Caregiver Support and Retirement Savings - A divide exists between working caregivers and employers, with 81% of employers claiming to offer support, yet 61% of caregivers are unaware of this support [3] - The prioritization of long-term retirement savings is increasing, with 33% of employees now focusing on it, up from 31% in 2023 [3] Emerging Benefits Trends - Debt assistance is gaining traction as an attractive benefit, with 37% of employers offering student loan repayment assistance [3] - Wellness reimbursements are becoming a trend, with 48% of employees wanting a Lifestyle Spending Account (LSA) for wellness expenses, although only 29% of employers currently offer this benefit [3]