COMP NEWS – Bank of America employees have mixed feelings about their financial security according to an internal quarterly survey.
Employees reported an average financial wellness score of 50 out of 100 in the second quarter of 2024, Bank of America found in its quarterly Participant Pulse report. The score, which is based on factors like managing long-term debt and preserving assets, was on par with the first quarter of 2024 but down from the same period last year, BofA said.
A gender gap remains when it comes to feelings of financial wellness, the bank said, with men reporting a score of 53 and women a score of 46.
The report analyzes the behavior of the more than 4 million participants with positive account balances as of June 30, all of whom are enrolled in BofA’s clients’ employee benefits programs.
Bank of America employees have an average 401(k) balance of over $90,000, up nearly 8% since last year.
$93,054Average 401(k) balance, up nearly 8% compared to the end of 20232.7%Participants borrowing from their workplace 401(k) plan, up from 2.3% in the fourth quarter of 20230.67%Participants who took a hardship distribution from their 401(k) plan, up marginally from 0.61% during the first quarter of 2024 and from 0.57% in the last quarter of 2023$4,930Average Health Savings Account balance, up from $4,380 during the fourth quarter of 202373%HSA contributions spent on current healthcare expenses rather than saving for future needs, up from 61% in the first quarter of 2024
To read more about the financial wellness of Bank of America’s workers, click here.
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