Employees are overwhelmed by their financial responsibilities, BofA finds

FINANCIAL WELLNESS: According to a new report by 美国银行 , 67% of employees feel the cost of living is outpacing their salaries, forcing many to focus on short-term financial needs, versus longer-term goals like retirement. As such, just 42% of employees rate their financial wellness as good, an all-time low for BofA's data.?

"When employees neglect saving for the future or pause due to financial strain, they risk not having the finances they need to support themselves in retirement," says Lorna Sabbia , head of retirement and personal wealth solutions at Bank of America. "Even amid economic uncertainty and rising costs of living, it is critical for employees to put money in a retirement savings account — even if it's a small amount — because those savings will only grow over time."

Read: Employee financial wellness is at an all-time low, Bank of America finds

EMPLOYEE BENEFITS: Benefits leaders are being challenged to provide employer-sponsored offerings that appeal to a more diverse workforce, while maintaining cost savings for the sake of their business. To find out which benefits will attract and retain employees, HR teams must learn more about which offerings appeal most to their workforce based on demographics, business size and evolving employee needs.

New research from Arizent , parent company of Employee Benefit News , provides insights from benefits leaders on their biggest challenges, methods of increasing utilization and goals for the near future. Dive into the report to find out which benefits resonate with employees most:

Read: Exclusive research: Creating a Better Benefits Experience for All

HEALTHCARE COSTS: A recent study by AARP, the nonprofit seniors advocacy group, found that America's most expensive medicines have outpaced inflation by a long shot. The top 25 costliest drugs covered by Medicare, AARP found, have increased in price by an average of 226% since they entered the market. But why have drug prices risen so much faster than inflation?

"There's one reason: Because they can," said Mary Johnson, a Social Security and Medicare analyst at The Senior Citizens League . "The Department of Veterans Affairs and Medicaid both have the authority to negotiate drug prices. It is only Medicare that has not had the authority to negotiate." Here's what this means for seniors:

Read: Rising drug prices dramatically outpace inflation, squeezing retirees