The average American is now feeling financially well

This year, feelings among Americans about their financial well-being are improving, according to Bank of America’s  (BAC)  14th Annual Workplace Benefits Report.

But that doesn’t mean there are not worries workers confront.

READ MORE: Percentage of American Workers Feeling Financially Well Rises to 47%

Forty-seven percent of Americans report positive thoughts about their own financial situations in 2024. That is an improvement over 2023’s number of 42%.

Economic uncertainty among employees remains a substantial worry, but the report said that uncertainty is down from 63% in 2023 to 53% in 2024.

There are other important things to consider. Among those is the earnings gap between men and women in their careers.

Feelings about financial wellness between genders is apparent in the study.

Fifty-three percent of men say they are experiencing good financial wellness, while only 36% of women report those sentiments.

And the cost of living also factors in to the equation in one big way.

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Inflation worries concern workers

Bank of America examined Americans’ fears about inflation, an issue that simply persists, even though the rate of increasing prices has been dialed back during the past couple of years.

The cost of groceries don’t go down when inflation numbers only stop rising, for example. They just rise a little less.

So 76% of employees, understandably, are saying that inflation is moving faster than their improvement in income. In June 2023, 67% reported that fact.

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There are a number of other considerations when looking at the data from the Bank of America report that surveyed nearly 1,000 employees and greater than 800 employers.

That included retirement preparedness, which remains an important part of many Americans’ concerns.

A person is seen calculating retirement savings, Medicare and Social Security benefits. A Bank of America report explains how workers are feeling better about their finances.


Other key notes from the Bank of America report

Discussions about workers and their finances often involve how they are talking about limiting expenses.

Six in ten of them say they are cutting back. Eliminating debt, stopping shopping for unnecessary items and contributing to their emergency funs are among those efforts.

Check out the top savings rates in June, sponsored by GOBankingRates (paid partner)

One fact that emerged from the report is that job loyalty remains high. Seventy percent of workers said they are planning to remain in their current roles for the next year.

And good management of work-life balance was a big part of the reason for people to keep their jobs. Others looking for alternative positions cited compensation (52%) and searching for career growth at 45%.

The report explains how the number of people looking at long-term savings are increasing. That was up from 31% in 2023 to 33% in 2024.

Americans describe this as their top financial goal, which was different in 2024 from that description in 2023. Last year, U.S. workers said their big goal was short-term financial needs.

Debt assistance from employers is also a benefit more commonplace than in the past.

Employers surveyed had a 37% rate helping their workers deal with debt. That often includes helping them with student loans.

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