Companies feel increasingly responsible for their employees' financial wellness, and to that end are boosting that aspect of their benefits and education.
So says Bank of America Merrill Lynch's Workplace Benefits Report, which also found that almost 75 percent of plan sponsors surveyed — including 90 percent of large companies, those with $100 million or more in 401(k) assets — feel that financial wellness solutions are on the way to becoming an integral part of benefits packages within the next decade.
While 83 percent of respondents feel some responsibility for their employees' financial wellness, not all are adopting some financial wellness features the same rate. Larger companies are in the vanguard, adopting such features faster than their smaller counterparts, with a significant increase just in the past year in the number of firms offering financial education. Topics included budgeting, planning for health care costs and managing debt.
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