The financial wellness gap: Why half the workforce is looking to management for help
The message from American workers is clear: We need financial help now, and we expect our employer to provide it.
According to Bank of America’s 15th annual Workplace Benefits Report, released earlier this month, the share of workers seeking employer guidance on near-term financial needs for everything from household debt management to paying for the kids’ college and caring for older parents has doubled from 13% in 2023 to 26% in 2025. The shift represents more than just evolving employee expectations — it signals a workforce under significant financial pressure, pressure that’s directly impacting areas like productivity and retention.
Kai Walker, managing director and head of retirement research and insights at Bank of America, attributes the surge to ongoing economic volatility. “With those fluctuations, it’s given a greater rise and reliance from employees on their employers for those types of financial wellness benefits that would help them in their everyday needs, both in the short term and the long term,” he explains.
The challenges are widespread. Nearly half (45%) of workers haven’t saved enough for emergencies because they’re focused on paying down their personal debt, which is carried by 85% of workers. The stress is particularly acute among women, with 62% missing their emergency savings goals compared to 44% of men.
As Walker notes, various studies have shown that financial confidence differs according to gender. “Men express greater feelings of financial confidence than women. That doesn’t necessarily mean that they’re better investors, but I think it’s largely around that feeling of confidence,” Walker says, emphasizing the opportunity for employers to provide more targeted resources.
Financial worries create what Walker describes as an interconnected wellness challenge. “There’s a relationship between one’s financial wellness, their emotional wellness, as well as their physical wellness — and when one of those gets out of balance, it seems to affect the other two,” he explains.
Many employers may not offer financial wellness guidance because of a lack of awareness on their part. Once there is awareness, then the question arises as to what exactly to do to best serve employees.
Walker outlines a practical framework, starting with a solid communication strategy. That means not just informing employees about what’s available to them during open enrollment periods but throughout the year. Priority areas may include debt counseling and student loan assistance.
The consequences of inaction are getting more costly for businesses, according to the study. Nearly one-quarter (24%) of employees have recently left or considered leaving their company due to inadequate workplace benefits, up from 15% in 2023.
The impact of employee financial insecurity on the part of businesses is real, with consequences for absenteeism, lack of employee focus, and keeping the talent roster intact. As Walker puts it, “To the extent that you can close that gap between expectations versus what you’re providing, you can give yourself as an employer a leg up on your ability to recruit and retain employees.”