Financial Wellness Benefits - The New Retention Strategy?

Bank of America’s 2025 Workplace Benefits Report makes one thing clear: benefits are a critical factor in how employees evaluate their workplace.

According to the report, 24% of employees say they have left or considered leaving a job because their benefits package fell short. That’s up from 15% in 2023, a sharp rise that signals how expectations are changing across the workforce. This rising link between benefits and retention is something to pay close attention to as the competition for top talent increases.

For younger workers in particular, traditional promises like pensions and Social Security feel less reliable. Even many employees approaching retirement don’t fully understand what Social Security will provide — only 2 in 10 Baby Boomers say they completely understand their benefits. As a result, workers are looking for employers to play a bigger role in helping them build financial security.

Employees’ top five financial goals:

1. Save for retirement – 68%

2. Grow savings to pay for unexpected expenses – 47%

3. Pay off credit card debt – 36%

4. Pay off mortgage – 30%

5. Save for travel – 29%

The survey results highlight the types of financial wellness benefits that resonate most today. These offerings go beyond retirement plans and healthcare, addressing the financial stressors employees face right now.

Top Resources Employees Want:

• Retirement education and planning – 36%

• Learning how to generate income in retirement – 33%

• Development of good financial skills and habits – 33%

• Online tools to measure financial wellness and identify steps to improve – 30%

• Financial help separate from 401(k): emergency savings, mortgages, student loans – 26%

• Learning how to invest their savings – 24%

• Advice from a professional on individual financial situations – 23%

Many employers cite cost as the top barrier to providing financial wellness programs. Others assume there’s a lack of interest among employees, but this can point to a communication gap rather than true disinterest. According to the report, only 55% of employers who offer financial wellness programs formally measure success, and most rely on participation rates or usage as their benchmarks. Without strong awareness and clear communication, participation falls short.

This report shows that as financial pressures evolve, the most successful organizations will be those that view benefits as a living strategy — meeting employees where they are today while preparing them for tomorrow.

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