Research conducted over the past several months found that although inflation has recently abated, employees’ financial wellness is still suffering.
Now, new research goes even further with its main finding: Financial wellness is at an all-time low.
That’s according to Bank of America’s (BoA’s) annual Workplace Benefits Report, which surveyed more than 1,300 employees and nearly 800 employers during the first half of this year.
Over the first six months of 2023, the impact of inflation and economic uncertainty contributed to increased financial stress, resulting in financial wellness among employees dropping to 42 percent—the lowest rate since BoA research began in 2010. It’s even lower for women: Just 38 percent of female employees reported feeling financially well, compared with 55 percent last year.
