A recent report from Bank of America highlights changing expectations among employees regarding workplace benefits, as companies continue to face challenges in attracting and retaining talent. The 2025 Workplace Benefits Report, now in its fifteenth year, points out that the quality of benefits offered can influence employee satisfaction and productivity, while inadequate offerings may lead workers to seek other opportunities. In cities like Austin, where the cost of living is high, these issues are particularly pronounced for employees seeking more affordable and flexible options.
The study found that 85% of employees carry personal debt, with credit card debt surpassing mortgages. About one-quarter have student loans and nearly one-fifth report medical debt. Caregiving responsibilities are also common; almost six out of ten employees act as caregivers and many express a need for flexible schedules, leave options, and financial wellness support.
While eight in ten employers believe that financial wellness programs improve satisfaction and productivity, less than half currently provide such resources. Generational differences were also observed: nearly nine out of ten Gen Z and Millennial workers have some form of debt. Gen X reports the highest levels of burnout, whereas Baby Boomers tend to be more financially optimistic.
Retirement planning remains a priority for most employees—seven in ten focus on saving for retirement—but almost half wish they had started earlier. More than a third regret not fully utilizing employer 401(k) matches.
Employee requests for new types of benefits are rising quickly. Interest in student loan repayment assistance has almost tripled over the past two years. Other sought-after benefits include 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. It’s about strengthening retention, improving productivity, and positioning your company as an employer of choice,” according to Bank of America. “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.”
