Bank of America (BofA) recently released its 2023 Workplace Benefits Report, presenting insights gathered from surveys of over 1,300 employees and nearly 800 employers conducted in the first half of this year. The report provides data on workplace benefits and financial well-being trends.

"First launched in 2011, the annual Workplace Benefits Report plays a critical role in helping make financial lives better by generating real-world insights to help us create solutions that fit our clients’ needs," BofA writes in its report.

“This year’s Workplace Benefits Report can help inform decisions and inspire ideas for how employers can evolve their workplace programs to champion the needs of today’s workforce and stand out as an employer of choice,” Lorna Sabbia, Head of Retirement and Personal Wealth Solutions at Bank of America, said in the report. 

According to the report, 67% of employees feel that their salaries aren't keeping pace with the rising cost of living, up from 58% in February 2022. Economic uncertainty and inflation have led to a drop in financial wellness, with only 42% of employees feeling financially secure, the lowest since 2010. Nevertheless, 56% of employees maintain cautious optimism about their financial future over the next 2-3 years.

The report reveals that American employees are increasingly stressed about their financial situations, with 64% feeling financial stress amid concerns about inflation and economic uncertainty. While saving for retirement remains a top priority, other pressing financial needs are gaining importance for employees. Interestingly, despite 96% of employers feeling responsible for their employees' financial wellness, only 2 out of 5 offer financial wellness programs according to a document provided by BofA.

“American workers continue to feel stressed about their finances and are concerned about keeping up with the cost of living,” Sabbia said in a press release. “Companies who show a sense of urgency for their workforce by offering financial wellness programs and resources which support employees’ immediate needs and overall well-being will continue to stand out as employers’ of choice.”