Charitable giving above pre-pandemic levels Eighty-five percent of affluent households gave to charity in 2022 with the value of their average gifts rising 19% above pre-pandemic levels, according to the 2023 Bank of America Study of Philanthropy. The study found that affluent households gave an average of $34,917 to charity in 2022, up from $29,269 in [...]
Survey finds many American workers optimistic about their financial future - Bank of America announced findings from its 13th annual Workplace Benefits Report, "The Transforming Workplace" (PDF) The report revealed that two-thirds (67%) of employees believe the cost of living is outpacing growth in their salary or wages, compared to 58% in February 2022. Over the last [...]
Bank of America Increases US Minimum Hourly Wage to $23 as Next Step to $25 by 2025 Bank of America announced it has again increased its U.S. minimum hourly wage for employees on its stated path to $25 by 2025. The company will move to $23 in October. By 2025, its minimum hourly wage will [...]
Bank of America hosts virtual electric vehicle show Bank of America will host its third annual virtual electric vehicle show, "EVolution," a one-of-a-kind virtual event where Bank and industry leaders discuss the latest trends in electric vehicles. Premiering ahead of World Electric Vehicle Day, the show offers insights into design trends, car features, charging, financing, [...]
Average 401(k) Balances Up Nearly 10% in 2023 Bank of America released its Q2 2023 Participant Pulse (PDF), which found average 401(k) balances increased by $7,250 (9.6%) since the end of 2022. The report also found that a growing number of 401(k) participants are initiating withdrawals from their plans. The number of participants taking hardship distributions [...]
75% of mid-sized businesses expect revenue to increase in the next 12 months despite economic challenges Despite economic challenges, 75% of mid-sized business owners expect their revenue to increase and 71% are planning to hire over the next 12 months, according to the inaugural Bank of America Mid-Sized Business Owner Report (PDF). The study is based [...]
BofA Corporate, Global Commercial and Business Banking Services earns J.D. Power certification for 14th consecutive year For the 14th consecutive year, the J.D. Power Certified Customer Service Program has recognized Bank of America's Corporate, Global Commercial and Business Banking Services for providing "An Outstanding Customer Service Experience." Bank of America is one of a few companies [...]
President focuses on inflection points in the business lifecycle Susan Rabinowitz According to Susan Rabinowitz, Business Banking Market Executive and President, Bank of America Treasure Coast Market, "The Treasure Coast is home to large variety of business sectors, from manufacturing to logistics to a growing presence of industrial warehouses. Each of these businesses [...]
BofA data finds men's average 401(k) account balance exceeds women's by 50 percent Bank of America released its 2023 Financial Life Benefits® Impact Report (PDF), revealing that the average 401(k) account balance among men is 50% greater than women's overall ($89,000 vs. $59,000). However, this gender imbalance is closing among younger generations. Baby Boomer (ages 58-76) [...]
BofA report finds 64% of women want menopause-specific benefits Bank of America published Break Through the Stigma: Menopause in the Workplace(PDF), a new report revealing half of peri- and post-menopausal women (51%) report menopause has negatively impacted their work life, yet only 14% believe their employers recognize the need for menopause-specific benefits. The under-recognized need for [...]