Individuals enrolled in Bank of America client benefit programs reported an average financial wellness score of 50 out of 100 in the second quarter of 2024, the organization found in its quarterly Participant Pulse report. The score, which is based on factors like managing long-term debt and preserving assets, was on par with the first quarter of 2024 but down from the same period last year, BofA said.
A gender gap remains when it comes to feelings of financial wellness, the bank said, with men reporting a score of 53 and women a score of 46.
The report analyzes the behavior of the more than 4 million participants with positive account balances as of June 30, all of whom are enrolled in BofA’s clients’ employee benefits programs.
Clarification: This story has been updated to clarify details about the survey participants.
