American workers are now more concerned about their financial health and have become more pessimistic about their financial futures, compared to 2013, according to a report by Bank of America Merrill Lynch (BofA Merrill Lynch).
The study, entitled the Workplace Benefits Report, revealed that 60% of workers are today worried about their finances, compared to 50% in 2013.
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Over half (55%) of the respondents said that they needed help to handle their finances such as retirement savings and debt management.
About 64% of respondents said that they have increased their focus on retirement planning and saving.
Moreover, 69% of workers have reported an increase in health care costs over the last couple of years, which has led to decreased retirement savings.
Forty six percent of the employees said that they have started contributing or raised their contributions to health savings accounts and flexible spending accounts due to rising healthcare expenses.
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By GlobalDataAnd 68% of respondents said that the financial benefit plans provided by their employers will serve as their largest or second-largest income source during retirement.
Fifty-nine percent of the workers also want help in understanding the significance of these workplace financial benefit plans.
BofA Merrill Lynch financial guidance executive Kim Kasin said: "As one area of life can naturally spill over into another, it’s wise of employers to offer guidance and solutions that address their employees’ complete financial picture.
"However, in a diverse workplace, it’s important to communicate in a way that addresses experience and knowledge at all levels and provides individuals education that spans the basics to the more complex."
The study further unveiled that for assistance, more workers (54%) preferred digital tools compared to 52% of workers who desired face to face communication with a financial professional.
