The financial wellness of U.S. employees has declined by 10% since 2021, according to the 2023 Workplace Benefits Report from Bank of America.
Factors such as rising interest rates, inflation, economic uncertainty and stagnant wages have all taken a toll.
Most employers and employees agree that the responsibility for helping employees bounce back falls on employers.
Financial wellness benefits are growing in popularity as an additional way to attract, retain and deliver value to employees.
Those benefits made a comeback this year, with 65% of employers planning to increase their investments in financial wellness programs, according to Wellable's 2023 Employee Wellness Industry Trends Report.
The report expects the U.S. financial wellness benefits market to grow at a compound annual growth rate of 20.4% from 2022 to 2028. Learn more.