UPDATE: The number of U.S. workers seeking financial assistance from their employers has surged to 26%, according to Bank of America’s latest 2025 Workplace Benefits Report, released just hours ago. This dramatic rise underscores the urgent financial pressures facing employees today.
In a survey conducted in May involving 1,000 full-time employees, the findings reveal that 26% are actively asking for support related to emergency savings, debt reduction, and overall financial wellness. This figure has nearly doubled from 13% in 2023, indicating a significant shift in employee priorities as they grapple with economic challenges.
“Workers are looking for help with their broader financial goals,” said Lorna Sabbia, Head of Workplace Benefits at Bank of America. She emphasized the need for employers to provide resources that cater to both immediate financial concerns and long-term planning.
The report highlights that about one-third of employees are seeking guidance in key areas such as retirement planning and developing sound financial habits. This surge in demand reflects the ongoing impact of persistent inflation and rising living costs, making it increasingly difficult for workers to balance day-to-day expenses while planning for their futures.
Despite the alarming trend in workers’ financial stress, less than one in three employers currently offer credit counseling or debt assistance, aside from student loans. This gap in employer support could be contributing to the nearly 85% of full-time workers reporting some form of personal debt, which is leading to increased stress and decreased productivity.
Additionally, the Labor Department reported today that job openings fell in July, with around 200,000 fewer postings compared to the previous month, indicating a cooling labor market. Layoffs have also seen a slight uptick, raising concerns about job security. Notably, the number of Americans quitting their jobs, often viewed as a confidence indicator, remained unchanged from June, suggesting a cautious approach among workers.
As financial pressures mount, employees are looking for immediate solutions. The findings from Bank of America’s report reveal a critical need for enhanced employer support systems to address both short- and long-term financial wellness needs.
With the current economic climate, the urgency for employers to step up is clear. Workers are not just seeking assistance; they are demanding it. Expect to see more companies respond to this growing trend as the pressure to support employee financial health becomes increasingly vital.
Stay tuned for further updates on this developing story and how employers are adjusting to meet these pressing needs.
