Workers are stressed but optimistic about economy

Financial wellness is trending upward despite more workers saying they are stressed about the current economic climate.

That was among the takeaways from Bank of America’s 15^th annual workplace benefits report. The report’s findings were discussed during the Employee Benefit Research Institute 2025 Financial Well-being Symposium.

“Just over half of employees said their financial situation was good or excellent,” said Lisa Margeson, Bank of America managing director, retirement research and insights. “Three in four said they felt stressed about the current economic climate. But when we asked them to think two or three years out, 7 in 10 were more optimistic about their longer-term financial wellness.”

The Top 3 things that survey respondents said they wanted from the employer were equity stock awards, guaranteed income programs and wellness reimbursements.

When employees were asked their main reasons for staying at a company, benefits were an important reason but two out of three said they stayed because of a positive work/life balance.

But a lack of work/life balance was the main reason why employees said they left a company. Burnout was the second most common reason.

One-third of employees said overall burnout has tempted them to leave their workplace. Margeson said the study found three significant headwinds contributing to worker stress: caregiver burnout, personal debt and health care costs.

Not all workers have access to benefits

Manita Rao, senior policy advisor with AARP Public Policy Institute, and Jeremy Burke, senior economist at the University of Southern California, presented highlights of their report “Inequitable Access to Employer-Sponsored Benefits, Financial Stability and Employer Turnover,” which looked at differences in access to traditional benefits.

Employers are looking to innovate on benefits and respond to workers’ changing financial, family and health needs, Rao said. However, there are differences in access to traditional benefits. In 2023, 72% of non-Hispanic whites had access to health insurance, as opposed to 67% of all other groups. In addition, 73% of men had access to health insurance but only 68% of women did.

In addition, 66% of non-Hispanic whites and men had access to a workplace retirement account in 2023. Meanwhile, 62% of women and 60% of all other groups had access to one.

The study showed similar differences in access to newer benefits. For example, 38% of non-Hispanic whites had access to work from home, compared with 33% of all other groups. For men, 37% could access WFH, as opposed to 35% of women.

The study results indicate several implications for policymakers and employers, Rao said.

• Workplace benefits have benefits for both workers and employers.
• Workers are more likely to stay with employers that provide benefits to help meet life’s needs, such as paid leave, emergency savings, work from home.
• For employers, benefits help them reduce turnover, retain more satisfied workers and experience higher productivity.

Rao recommended employers:

- Help workers help themselves with smart plan design. Auto enroll, auto escalate and make benefits easy for them.

- As you listen to employees, have a good understanding of what struggles they’re facing, such as debt or caregiving.

- Offer clear and consistent education throughout the year – not only at enrollment time.

- Offer resources and tools to help employees understand how much money they will need in retirement and provide resources to help them build a retirement income plan.

“Know what’s important to them and use that to put together a package that promotes work/life balance and keeps your talent working for you,” she said.

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Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].