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Insight of the Day: Survey: Consumers still seeking ways to improve finances

The latest Bank of America Workplace Benefits Report shows a rise in financial well-being among American workers, with 47% feeling financially well compared to 42% last year. However, concerns about inflation and its impact on long-term retirement savings persist, particularly among women who report lower financial wellness scores than men.

Key Findings:

  • Increased Financial Well-Being: Despite economic uncertainties, more American workers feel financially secure than the previous year.

  • Inflation Concerns: A significant majority (76%) of employees are concerned about the rising cost of living outpacing their salary growth.

  • Gender Gap: There's a notable gender gap in financial wellness, with men reporting higher financial security than women.

  • Job Loyalty: Most employees plan to stay with their current employers, citing good work-life balance as the primary reason.

  • Attracting Talent: Employers can use pay equity initiatives, debt assistance, and wellness reimbursements to attract and retain employees.

Actions for Employers:

  • Address Pay Equity: Implementing pay equity initiatives can help attract top talent.

  • Offer Debt Assistance: Providing student loan repayment assistance can be an attractive benefit for employees.

  • Consider Wellness Reimbursements: Lifestyle Spending Accounts (LSAs) can help employees pay for wellness expenses and encourage healthy behaviors.

Important Considerations:

  • While financial well-being is improving, concerns about inflation and its impact on long-term financial goals remain.

  • There is a significant gender gap in financial wellness that needs to be addressed.

  • Employers can leverage specific benefits to attract and retain top talent in a competitive job market.

Overall, the report provides insights into the current state of financial well-being among American workers and offers valuable recommendations for employers seeking to enhance their benefits packages and attract top talent.

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