New insights to inform your financial wellness programs

A recent study by Bank of America Merrill Lynch reveals that while financial wellness programs continue to be a valuable component of workplace benefits strategies, there are opportunities for employers to better understand employee needs and offer additional guidance and support to help employees get on track with their financial goals.

The 2018 Workplace Benefits Report, which this year includes the perspectives of both employees and employers, indicates that employees could benefit further from financial wellness plans that are relevant, timely, and easily actionable. In fact, the research shows employees believe that advice from a professional is the most helpful resource in improving financial wellness. Findings from the study support that enhancing how we offer and deliver personalized guidance and even integrate health care into the conversation can help employees be more financially well. This year’s report also delves into tactics that employers can consider to help drive participation and address employee concerns as part of enhancing a workplace financial wellness program.

Highlights include:

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Source: 2018 Workplace Benefits Report, Bank of America Merrill Lynch.

The findings from our series of Workplace Benefits Reports help inform enhancements to the services we make available, as well as provide insights and actionable ideas for employers. Working together, we can deliver valuable tools and resources that can help improve the financial well-being of all employees.


Download the 2018 Workplace Benefits Report and share with your colleagues.

Talk with your Bank of America Merrill Lynch team about the findings from the study, implications for your workforce and strategies to address them.

If you haven’t already, review Women and Financial Wellness: Beyond the Bottom Line to gain a deeper understanding into the financial needs of women.

Explore how you can apply the learnings from these studies to better align your programs with employee needs.

With employees indicating an overwhelming desire for guidance, consider ways to integrate professional guidance as part of your financial wellness program.

Offer holistic education and guidance that considers all aspects of employees’ financial priorities to help make the information more personal and relevant.

Educate employees about how to use and optimize benefits, such as a health savings account.