As we continue to work together to help employees pursue their best financial lives through our workplace education and financial wellness programs, I am happy to report that trends we’re seeing indicate our efforts are paying off.
Through research and experience, we understand the positive impact holistic financial education can have on the lives of employees. In fact, our latest 2018 Workplace Benefits Report revealed that both employees and employers agree that financial wellness programs are effective. In the study, employers told us financial wellness programs are delivering tangible benefits to their firms, including greater employee satisfaction, lower stress, less employee turnover, and potential improvement in employee productivity and performance.
Through our experience with the financial wellness programs we offer, we’ve seen tremendous growth in employee engagement, including:
|•||25% increase in onsite workshop attendance.1|
|•||25% of participants took positive financial actions in their plan following their one-on-one meetings with Financial Wellness Specialists.1|
|•||150,074 visits to our Personal Financial Journey digital experience.2|
|•||309% year-over-year increase in interactions with the enhanced Retirement Income Experience on Benefits OnLine® (BOL).3|
|•||25% of all visits to the BOL home page led to actions through the “I Want To” menu.2|
We feel confident that these positive trends will continue with our ongoing investment in personalized and actionable employee experiences that focus on holistic financial needs. With the perspectives we’ve gained working closely with you and your employees, our research to keep on top of workplace benefits trends, and insights provided through behavioral science and our thought leadership findings, we are taking informed and purposeful steps to provide innovative new tools, resources and digital experiences. We are excited about what we can accomplish together. Please read the “Tips and Tools” article to learn more and get a glimpse into additional enhancements that are planned.
I encourage you to reach out to your Bank of America Merrill Lynch representative about how our financial wellness programs can help meet your goals and help your employees pursue their best financial lives.
Head of Retirement Client Experience & Communications
1 Bank of America Merrill Lynch data, 12/31/2017 vs 12/31/2015.
2 As of June 30, 2018.
3 As of 8/1/2018 vs same period in prior year.