Gaps in Retirement Savings Based on Race, Ethnicity and Gender

This document contains the written testimony of Kai Walker from Bank of America. It presents Bank of America's research findings on the decline in employees' self-rated financial wellness, with women and people of color trailing their male and White counterparts. The testimony highlights Bank of America's approach to addressing these disparities through holistic, personalized financial wellness programs that leverage digital tools, educational resources, and access to professional financial guidance. The recommendations focus on providing employers with the strategies and support needed to promote good financial habits and decision-making among their diverse workforce to improve retirement readiness.