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Bank of America study reveals financial wellness tools reduce employee attrition

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September 29, 2022

A majority of employers, 84%, report financial wellness tools can reduce attrition and 81% said the tools attract better employees, according to Bank of America's 12th annual Workplace Benefits Report. Businesses have seen a 46% increase in resignations over the past year, according to a press release.

The report surveyed 824 employees and 846 employers in February and another 478 employees in July. Additional findings include:

• 97% of employers feel responsible for employee's financial well being.
• 84% of employers feel responsible for employee's retirement and healthcare needs.
• Only 56% of employees are confident they will reach retirement goals.
• Only 38% of employees understand social security benefits.
• 49% of white employees feel financially well compared to 32% of Black employees.