For the second installation of their speaker series with Bank of America, Sands Academy hosted the “Guide to Homeownership” for Team Members. The workshop was aimed to help those interested in buying a home to understand what they will need in attaining their dream of owning their own home. Facing uncertainty, market volatility, and financial stress, employees are looking to their companies for help.
“After the recession in 2008, we became committed to helping customers understand what they need financially, short-term and long-term,” Paul A. Galliano, Financial Wellness Consulting Manager for Bank of America, said. “We want to help people understand and manage through life occurrences like retirement, college, and health care. Buying a home is an investment and we strive to give people answers and help them plan to get where they want to be financially in order to purchase a home, rather than renting.”
Bank of America has been building programs with employees in mind to provide answers to their financial needs. Being retirement ready and buying their own home are some of the concerns employees are facing. According to the 2016 Workplace Benefits Report, 75% of employees gave responses indicating that they are not financially secure, with 55% saying they want help managing their finances. 52% stated that they’d want their employer to provide access to a financial professional.
“Bank of America has been effective through workshops and research at guiding employees with their wealth,” Galliano said. “Since the recession, companies aren’t able to offer the same pensions or percentages on 401K’s or they are unable to increase them so we try to help employees maximize their investments from the same paycheck. It’s a matter of reworking and budgeting to get more back for yourself. Once the budget is reworked, people end up finding savings which turns out to be the down payment on a home for them and their families.”