The Future of Aging and Longevity - Flipbook - Page 26
IN CONV E RSAT I O N
Helping Employees Navigate Longer,
More Complex Financial Lives
Kai Walker
Managing Director,
Workplace Bene昀椀ts
Re琀椀rement Research
and Inclusion
Transforma琀椀on, Bank
of America
Bank of America works with companies to
design bene昀椀ts and programs that support
employees’ 昀椀nancial well-being across
every life stage. How are workplaces
preparing people for longer lives?
The most meaningful progress we’re seeing is a
fundamental shi昀琀 in how employers de昀椀ne their
role in suppor琀椀ng employees across increasingly
complex and longer 昀椀nancial lives. There’s real
momentum toward earlier and more con琀椀nuous
engagement. Employers are recognizing that
re琀椀rement readiness begins with helping employees
balance compe琀椀ng priori琀椀es like debt, emergency
savings, and health-care costs much earlier. Our
research shows employees are increasingly looking
to their employers for help naviga琀椀ng both nearterm and long-term 昀椀nancial decisions.
We’re also seeing stronger integra琀椀on across bene昀椀t
ecosystems. Leading employers are connec琀椀ng
re琀椀rement plans with health savings accounts,
昀椀nancial wellness tools, and personalized guidance.
And there’s growing recogni琀椀on of the need
to design for longevity and workforce diversity—
including di昀昀erent career paths, income vola琀椀lity,
and life events like caregiving.
What does your research show about the
impact of caregiving in the workplace?
22
Our research highlights that caregiving is o昀琀en
invisible in the workplace, yet it carries signi昀椀cant
impacts, from 昀椀nancial strain and career disrup琀椀on
to stress and disengagement. Employees are
frequently managing care responsibili琀椀es alongside
full-琀椀me work during peak earning years, o昀琀en
without support or disclosure.
We recognize that women dispropor琀椀onately
shoulder caregiving responsibili琀椀es and o昀琀en
experience signi昀椀cant 昀椀nancial trade-o昀昀s as a result.
In response, we help employers be琀琀er understand
how caregiving shows up at work through data and
insights so they can move from assump琀椀ons to
informed ac琀椀on. We also encourage employers to
incorporate caregiving considera琀椀ons into broader
昀椀nancial well-being programs and highlight solu琀椀ons
like care naviga琀椀on resources, 昀椀nancial educa琀椀on,
and bene昀椀ts communica琀椀on strategies that meet
caregivers where they are.
Caregiving, health, and 昀椀nancial wellbeing are interconnected, yet most bene昀椀t
packages treat them separately. What
would it look like to address them together?
Instead of separate programs for re琀椀rement, health,
and caregiving, employees would experience a
coordinated ecosystem—where decisions in one
area (like health or caregiving) are clearly linked to
昀椀nancial outcomes and vice versa. Employees need
more than bene昀椀ts, such as help naviga琀椀ng tradeo昀昀s with overlapping challenges. Caregiving is a
prime example of how quickly 昀椀nancial, health,
and emo琀椀onal needs intersect; a more integrated
model would organize support around this life event
rather than around bene昀椀t categories. Employers
that move in this direc琀椀on are be琀琀er posi琀椀oned to
support employee resilience, improve engagement,
and retain experienced talent during some of life’s
most challenging transi琀椀ons.
MIL K EN I N S T I T U T E | T H E FU T U RE O F AGI N G A N D LO N GEV I TY
