PYMNTS-MonitorEdge-May-2024

BoA Says Half Of All Workers Stressed Out Over Money

Bank of America Merrill Lynch released a new study Thursday (June 1) that shows 56 percent of workers are stressed out about their finances. What’s more, among those that are stressed, 53 percent said it interferes with their ability to focus and be productive at work.

In a press release highlighting the results of its latest Bank of America Merrill Lynch Workplace Benefits Report, the company said of employees who take part in a company retirement plan, 67 percent said their employer played a role in getting them to save.

“Stress over personal finances extends into the workplace, impacting employees’ productivity, health and overall well-being,” said Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America Merrill Lynch, in the press release. “This confirms our dedication to working with employers to help employees navigate financial concerns and improve their financial wellness.”

Bank of America’s report is based on a nationwide survey of more than 1,200 employees participating in 401(k) plans at companies of all sizes. Among the other key findings are that 64 percent of employees are worried about running out of money in retirement; millennial employees (67 percent) are more than twice as likely as baby boomers (32 percent) to report that financial stress interferes with their ability to focus and be productive at work, and millennials dedicate the most time each week at work to their personal finances (four hours on average), double that of Gen-Xers and four times that of baby boomers. The report also found 43 percent of employees spend an average of three or more working hours per week on personal finances, and 21 percent spend five hours or more. Nearly three in five employees say financial stress has a negative effect on their physical health. This stress wears most heavily on the health of younger employees, 68 percent of millennials versus 51 percent of baby boomers, Bank of America said.

PYMNTS-MonitorEdge-May-2024