Commonwealth: Building Savings Is the Top Financial Priority for Workers Earning Low- to Moderate-Incomes

New survey reveals key trends in workplace benefits, employees' financial challenges and goals, and opportunities for employers to support worker financial health

BOSTON, Oct. 21, 2025 /PRNewswire/ -- U.S. workers earning low- to moderate-incomes (LMI) report that building up savings is their top financial priority, according to new research from national nonprofit Commonwealth that explores the potential of workplace benefits to strengthen employees' financial health. Shoring up reserves for retirement, emergencies, cost of living increases, or other long-term goals dominates these workers' list of financial priorities. The national survey was conducted under "Benefits for the Future," a multi-year Commonwealth initiative supported by JPMorganChase, designed to improve the financial well-being of employees earning LMI.

Commonwealth surveyed 2,054 U.S. workers earning LMI (defined as individuals that are currently employed with total household incomes of under $80,000 per year). They were asked about the benefits that they have access to, sign up for, those they value most, and their general attitudes around workplace benefits. The survey included respondents from seven key industry sectors: food service, retail, hospitality, healthcare, manufacturing, delivery/transportation, and financial services.

"A better understanding of the workplace benefits landscape from the perspective of employees is critical to identifying opportunities to better support their financial health, engagement and productivity," said Timothy Flacke, CEO, Commonwealth. "Benefits are a major contributor to financial security, particularly for those who are earning low and moderate incomes, as they provide accessible solutions to prepare and save for immediate needs and long-term goals— like emergencies, children's education, and retirement."

Key findings and insights:

• Building savings is the top financial priority for workers earning LMI. Of the top 5 financial priorities for workers in our sample, 4 focused on saving (for retirement, emergencies, cost of living increases, and other long-term financial goals). Among benefits they believed would be "most valuable to you personally" (not including retirement accounts or health insurance), workplace emergency savings programs ranked third, with 25% of respondents choosing this option—behind only paid and sick leave.
  
  
• Only half (52 percent) of workers earning LMI participate in a workplace retirement program. Among those not participating, 44 percent reported that their employer did not provide retirement benefits for employees. This means that 21 percent of employees earning LMI have no access to workplace retirement benefits and 27 percent have access but are not making use of these benefits.
  
  
• 77 percent of workers who owned a 529 educational savings account opened their account with guidance or support from their employer. A 2024 Commonwealth survey found that 96 percent of parents who did not have a 529 plan expressed interest in opening one if it was offered as a workplace benefit. This suggests that employers play a key role in increasing the use of this important financial opportunity among workers earning LMI.
  
  
• Healthcare costs are a widespread financial challenge for workers earning LMI. Two out of five workers surveyed had medical debt. However, 84 percent of this group owed less than $5,000 and 62 percent owed less than $2,500, suggesting that these costs are not insurmountable. Stronger employer health benefits, including health savings accounts (HSAs) and flexible spending accounts (FSAs), can have a significant impact on managing healthcare costs.
  
  
• Half of employees earning LMI want more frequent benefits communication, a low-cost way for employers to increase benefits utilization. Among workers surveyed, 27 percent were unsure about which benefits were available through their employer and half agreed that they wanted their employer to send information about benefits more frequently. Nearly one in five (18 percent) had not seen and/or received any benefits information from their employer in the last year.

Studies show that 49 percent of employees experiencing financial stress are distracted at work, a crisis that can cost companies up to $250 billion per year through reduced productivity. Intentional workplace benefits that address the growing problem of worker financial stress not only advance long-term financial well-being, they positively impact bottom-line business outcomes resulting in improved hiring, higher job satisfaction, increased productivity, and stronger retention.

"Fewer than one-third of American workers have access to benefits that help them manage critical financial needs," said Roma Kaundal, U.S. Head of Philanthropy, JPMorganChase. "Employers who provide solutions that facilitate savings, debt reduction, and wealth building can make a meaningful difference in the financial health of their workforce. When employees feel financially secure, they are empowered to contribute more fully and effectively at work."

JPMorganChase's work with Commonwealth builds on its holistic efforts to improve financial health outcomes for employees – both within the firm and with employers nationwide. In the U.S., JPMorganChase offers a range of programs, including 401(k) retirement plans, employee stock purchase opportunities, unlimited one-on-one financial coaching, and resources to help prepare for higher education costs.

Flacke added, "Employers often don't have a clear understanding of what benefits their workers earning LMI actually need, use, or value, which limits their ability to maximize their benefit offerings. Hearing directly from these workers helps address this knowledge gap. These insights expand on our previous body of work, which aims to support wealth-building pathways and financial security for populations living on LMI."

About Benefits for the Future
Benefits for the Future is a Commonwealth initiative designed to improve the financial well-being of workers earning low to moderate incomes (LMI), which disproportionately include Black, Latin, and women-led households. With support from JPMorganChase, Commonwealth is actively engaging with forward-thinking employers nationally and across targeted local markets, beginning with Chicago, IL and Columbus, OH, over the next three years to pilot and scale innovative employer benefits programs to improve the financial health of 2.5 million workers nationally.

About Commonwealth
Commonwealth is a national nonprofit building financial security and opportunity for people earning low- to moderate-income through innovation and partnerships. Commonwealth collaborates with consumers, the financial services industry, employers, and policymakers. Because Black, Latin, and women-led households disproportionately experience financial insecurity, we focus especially on these populations. The solutions we build are grounded in real life, based on our deep understanding of people who are financially vulnerable and how businesses can best serve them. To learn more, visit www.buildcommonwealth.org.

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SOURCE Commonwealth