URGENT UPDATE: The demand for financial advice among U.S. workers is skyrocketing, with a recent survey revealing that 26% of employees are actively seeking support from their employers. This is a significant increase from just 13% in 2023, according to the latest 2025 Workplace Benefits Report released by Bank of America on Wednesday.
This surge comes as workers face mounting financial pressures, including the need for emergency savings, debt reduction, and overall financial wellness. The survey, conducted in May among 1,000 full-time employees, highlights the urgent need for companies to provide resources that address both immediate financial concerns and long-term planning.
“The modern employee wants help with their broader financial goals,” stated Lorna Sabbia, Bank of America’s Head of Workplace Benefits. She emphasized the necessity for employers to equip their workforce with tools that can help mitigate stress associated with financial uncertainties.
The report also indicates that about one-third of employees are seeking guidance on critical issues such as retirement planning, income generation during retirement, and establishing sound financial habits. This reflects a growing trend where financial wellness is becoming integral to workplace benefits.
Persistent inflation and rising living costs are key factors driving this demand. Employees are struggling to balance immediate financial needs while trying to save for the future. Alarmingly, nearly 85% of full-time workers report carrying some form of personal debt, which has led to increased stress and decreased productivity in the workplace.
Despite the clear need for support, fewer than one in three employers currently offer credit counseling or debt assistance, excluding student loans, according to the findings. This gap in employer-provided resources could hinder employees’ ability to manage their financial health effectively.
The urgency of this situation is further underscored by recent labor market trends. The Labor Department reported that job openings fell by approximately 200,000 in July, indicating a cooling labor market and potentially less job security for workers. Layoffs also saw a slight increase, which could exacerbate financial anxieties among employees. The number of Americans voluntarily quitting their jobs, a key indicator of job market confidence, remained stagnant, further highlighting the ongoing challenges faced by the workforce.
As financial pressures continue to mount, it is crucial for companies to recognize the importance of providing comprehensive financial wellness programs. The need for immediate support is clear, as employees navigate both short-term crises and long-term financial aspirations.
Moving forward, employees and employers alike will be closely monitoring the evolving landscape of workplace benefits. The demand for financial guidance is expected to grow, making it essential for companies to adapt and provide the necessary resources to support their workforce effectively.