UPDATE: The pressure is on as the number of U.S. workers seeking financial guidance from employers has surged to 26%, nearly double the 13% reported in 2023. This alarming trend is detailed in the latest 2025 Workplace Benefits Report released by Bank of America on Wednesday.
In a survey conducted in May among 1,000 full-time employees, many are grappling with immediate financial challenges, including emergency savings, debt reduction, and overall financial wellness. The significant increase signals a growing urgency for financial assistance as inflation and rising living costs continue to squeeze household budgets.
Lorna Sabbia, Bank of America’s Head of Workplace Benefits, emphasizes that “the modern employee wants help with their broader financial goals.” Employers are urged to step up and provide resources that cater to both immediate financial concerns and long-term aspirations.
The report reveals that almost one-third of employees are also seeking guidance in critical areas like retirement planning and sound financial habits. With nearly 85% of Americans in full-time work carrying personal debt, the stress from financial burdens is palpable. This situation is exacerbated by increasing debt delinquencies, even among those with solid credit histories.
Despite the urgent need for financial support, less than one in three companies offer credit counseling or debt assistance beyond student loans. This gap highlights a pressing issue as employees struggle to balance day-to-day expenses with their long-term financial goals.
The urgency of this situation is further underscored by the latest job market data. The Labor Department reported that job openings fell by about 200,000 in July, dropping below economist expectations. Layoffs have also seen a slight uptick, indicating a cooling labor market. In a climate where job security is increasingly uncertain, employees’ confidence is wavering, with the number of Americans voluntarily quitting their jobs remaining unchanged from June.
As these developments unfold, the implications for both workers and employers are significant. Employees are not just seeking immediate solutions; they are looking for sustainable financial wellness strategies. The call for enhanced employer support is clear, and the need for action has never been more critical.
In a world where financial pressures are escalating, the question remains: will employers rise to the occasion to support their workforce’s financial health? The coming months will be pivotal in determining the trajectory of this urgent issue.
