A new study from Bank of America provides insight into what employees value most in workplace benefits as companies face ongoing challenges with talent acquisition and retention. The 2025 Workplace Benefits Report, now in its 15th year, highlights that certain benefits are linked to employee satisfaction and productivity, while insufficient offerings can prompt workers to seek jobs elsewhere. Rising living costs in Austin add further strain for employees, particularly regarding affordability and flexible work options.
The report identifies several trends. Personal debt has increased among workers, with 85% of employees carrying some form of personal debt. Credit card debt now surpasses mortgages as the most common type of debt. Additionally, one in four employees holds student loans, and nearly one in five is burdened by medical debt.
Caregiving responsibilities affect almost six out of ten employees. Many in this group express a need for flexible schedules, leave options, and financial wellness resources from their employers.
Eight out of ten employers surveyed believe that financial wellness programs enhance employee satisfaction and productivity. However, fewer than half currently provide these types of programs to their staff.
Generational differences also emerge in the data: nearly nine out of ten Gen Z and Millennial workers carry debt; Generation X reports the highest levels of burnout; meanwhile, Baby Boomers are described as the most financially optimistic group.
Retirement planning remains inconsistent across the workforce. While seven out of ten employees list retirement savings as a priority, almost half regret not starting sooner. More than one-third wish they had made full use of employer 401(k) matching contributions.
Interest in new types of benefits is on the rise. Over the past two years, demand for student loan repayment assistance has nearly tripled. Employees are also increasingly asking for wellness reimbursements, small emergency loans, pet insurance coverage, and grandparent leave.
“For employers, the takeaway is clear: investing in the right mix of benefits isn’t just about perks. It’s about strengthening retention, improving productivity, and positioning your company as an employer of choice,” said Bank of America representatives in a statement. “Bank of America offers an integrated platform that helps employees identify, personalize, and track their goals across their full financial lives — providing support for benefits managers along the way.”
