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Increased living costs are continuing to impact employees’ overall financial picture — and salary increases aren’t keeping pace, leaving employees further behind than ever.
According to a new report by Bank of America, 67% of employees feel the cost of living is outpacing their salaries, forcing many to focus on short-term financial needs, versus longer-term goals like retirement. As such, just 42% of employees rate their financial wellness as good, an all-time low for BofA’s data.
Alyssa Place is the editor-in-chief of Employee Benefit News and has been with the team since 2019. Her work covers mental health, DEI, women at work, financial wellness, retirement and workplace … Read full bio
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