A recent study from Bank of America highlights the shifting priorities of employees when it comes to workplace benefits. The 2025 Workplace Benefits Report, now in its fifteenth year, indicates that the right mix of benefits can improve employee satisfaction and productivity, while inadequate offerings may prompt workers to seek other opportunities. In cities like Austin, where the cost of living is high, these challenges are even more pronounced as employees face increasing concerns about affordability and flexibility.
The report reveals several key trends shaping today’s workforce. Personal debt remains a significant issue, with 85% of employees carrying some form of debt. Credit card balances have surpassed mortgages as the most common type. Additionally, one in four workers has student loans and nearly one in five faces medical debt.
Caregiving responsibilities are also widespread; almost six out of ten employees act as caregivers. Many express a desire for flexible schedules, leave options, and support for financial wellness.
Although eight in ten employers believe that financial wellness programs boost satisfaction and productivity among their staff, less than half currently provide such resources.
Generational differences were evident in the findings. Nearly nine out of ten Gen Z and Millennial workers carry debt. Gen X employees reported higher levels of burnout compared to other age groups, while Baby Boomers remain more optimistic about their financial situations.
Retirement planning continues to be a concern for many. While seven in ten prioritize saving for retirement, almost half wish they had started sooner. Over a third regret not fully utilizing employer-sponsored 401(k) matches.
Interest in new types of benefits is on the rise as well. Employee demand for student loan repayment assistance has nearly tripled over the past two years. There is also growing interest in wellness reimbursements, small emergency loans, pet insurance, and grandparent leave.
“For employers, the takeaway is clear: investing in the right mix of benefits isn’t just about perks,” said Bank of America representatives. “It’s about strengthening retention, improving productivity, and positioning your company as an employer of choice.”
Bank of America provides an integrated platform designed to help employees identify goals across their financial lives and offer support to benefits managers throughout this process.
