October 2024

FINANCIAL WELLNESS

Data delivers insights into employee financial health

To help us gain a greater understanding of employees’ financial needs, Bank of America’s Chief Investment Office (CIO) analyzed data generated through Financial Wellness Tracker interactions. The Financial Wellness Tracker is a proprietary financial wellness assessment that collects an employee’s pertinent demographic and financial behavior information to evaluate their financial health and provide a wellness score with a personalized, suggested action plan. The action plan is tailored to the employee’s life stage and personal situation with specific next steps to consider to help improve their overall financial health.

The findings from this study can help inform workplace benefits and programs that support employee financial health. Following are some key findings:1

59% of employees live paycheck to paycheck (up from 52% in 2021).1

59% of women vs. 47% of men don’t pay off their credit card in full every month.1

41% of women vs. 29% of men have less than one month of savings.1

20% of women vs. 15% of men have student loans.2

19% of employees are on track for retirement.3

Key takeaways

  • Download the Employee Financial Wellness in 2024 report to review comprehensive findings.
  • Talk with your Bank of America representative about strategies to expand your employee education and engagement programs to help improve their financial lives.

1 Bank of America data, Financial Wellness Tracker, 2023. Calculations by Bank of America Chief Investment Office, Portfolio Analytics Group.

2 “Deeper in Debt: Women and Student Loans,” American Association of University Women, May 2021. Sixty-eight percent of students borrow money to pay for their undergraduate education. Among those who take out loans, women—who borrow an average of $31,276—take on more debt than men, who borrow an average of $29,270.

3 On track for retirement: Current retirement savings as a percent of target retirement savings is greater than 50%. Target retirement savings is how much employees should have saved to be on track for retirement, given their current age and income. As employees age, the target retirement savings increases.