Michigan Business Beat | Paul Keifer, BoA, The Bank of America 2025 Workplace Benefits Report +

Chris Holman welcomes Paul Keifer, President of Bank of America Grand Rapids. Welcome Paul, new to your role since May this year, remind the Michigan business community about Bank of America? The Bank of America 2025 Workplace Benefits Report was recently released, and it includes some interesting findings. Before we dive into the findings, can you please share a little about what the report actually is? What’s your biggest takeaway from the report? Are you seeing any changes or trends in workplace benefits specifically around financial wellness? What barriers exist for companies and their employees? How does this impact the Grand Rapids area? How can Bank of America help make a difference in Grand Rapids? » Visit MBN website: www.michiganbusinessnetwork.com/ » Subscribe to MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/ The future of workplace benefits is evolving, and new data from Bank of America’s recently released report, 2025 Workplace Benefits Report, provides a detailed look at today’s workforce. Now in its 15th year, the report is based on nationwide surveys of employees and employers, analyzing financial well-being, retirement preparedness, evolving benefits, and generational trends. Key findings include: Debt pressures intensify: 85% of employees carry personal debt. For the first time in recent years, credit card debt surpassed mortgage debt. Caregiving challenges: Nearly 6 in 10 employees are caregivers. They want benefits like flexible schedules, leave options, and financial wellness programs to help balance responsibilities. Financial wellness gap: 8 in 10 employers say financial wellness drives job satisfaction and culture, yet less than half offer such programs. Employee confidence in employer responsibility for financial wellness has declined. Generational differences: Nearly 9 in 10 Gen Z and Millennials carry debt (58% credit card debt). Gen X reports the highest burnout, while Boomers are the most financially optimistic, though 1 in 4 say they aren’t on track for retirement. Retirement regrets: 70% of employees prioritize retirement savings, but nearly half nearing retirement wish they had started earlier or taken full advantage of employer 401(k) matches. Evolving benefits: Employees increasingly want support for student loan repayment, wellness reimbursements, emergency loans, and even nontraditional offerings like addiction support, grandparent leave, and pet insurance. BofA Grand Rapids President Paul Keifer joined us to provide local perspective and expert commentary on how employees are managing debt, caregiving responsibilities, and long-term financial goals in today’s economy.