Financial Wellness Plans Are Proliferating, But Employees Aren't Feeling Better

More than twice as many companies are now offering workplace financial wellness programs as compared to four years ago, according to a report from Bank of America. This year, 53% of companies reported offering some form of financial wellness program to their employees, according to the 2019 Workplace Benefits Report, an annual study from Bank of America released on Thursday, up from 24% in 2015. Yet the proportion of workers who report feeling financially well is declining – in this year’s study, 55% of the employees responding rated their own financial wellness as good or excellent, down from 61% in 2018. Positive financial wellness ratings correlate with employees who are able to track their expenses, pay their bills, save for goals and remain on-track for funding their retirement. Bank of America reports a gender financial wellness gap – while 65% of men reported feeling financially well, only 43% of women felt the same.

from FA News https://www.fa-mag.com/news/financial-wellness-plans-are-proliferating--but-employees-aren-t-feeling-better-51747.html