Bank of America report: Nearly two-thirds of employees worried about finances
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According to a report released Tuesday by Bank of America, nearly two-thirds of employees are stressed about their finances amid scorching hot inflation.
Bank of America said in its 2022 Workplace Benefits Report that 62% of employees surveyed in July indicated they are worried about their financial situations.
The percentage of employees feeling "financially well" hit a five-year low in July when only 44% said they felt that way, a 13% drop from February, according to the report.
A Bank of America logo in New York City Jan. 10, 2017. (Reuters/Stephanie Keith / Reuters Photos)
The report said 80% of employees expressed concern about inflation. About 71% suggested the cost of living is growing faster than their compensation, according to the report.
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Inflation rose more than some economists anticipated in August, with Labor Department data showing the consumer price index rising 8.3% from a year ago and 0.1% on a monthly basis, FOX Business previously reported.
Food prices went up 0.8% from July to August, based on unadjusted figures.
The price of groceries increased as well, rising 0.7% on a monthly basis and 13.5% on an annual basis.
People shop for produce at a store in Rosemead, Calif., June 28, 2022. (Frederic J. Brown/AFP via Getty Images / Getty Images)
According to the Labor Department, other areas of the consumer price index — rent, apparel, new vehicles and medical care — also saw increases from July to August.
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According to the Bank of America report, 48% of surveyed employees were concerned they "won't be able to make ends meet" with the current inflation rate. Bank of America said that more than half reported taking steps such as dipping into emergency savings, taking additional work hours, searching for jobs with higher salaries or taking 401(K) hardship in the past six months in response to financial difficulties.
Man using a calculator (iStock / iStock)
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According to Bank of America, the Workplace Benefits Report is based on a national survey conducted in February among over 820 employees and over 840 employers and a survey conducted in July of nearly 480 employees.