There’s been a sea change in how employers feel about their employees’ finances.

Most employers, 62%, now feel like they are “extremely” responsible for employees’ financial well-being, according to a survey in Bank of America’s 10th annual “Workplace Benefits Report.” That figure is up from 13% in 2013.

And when it comes to retirement readiness, employers feel an even greater responsibility—80% in the survey felt extremely or very responsible for helping employees prepare for retirement health-care costs, compared with 22% in 2012.

Amid a debate about allowing annuitization within workplace 401(k) plans, employers are also feeling more responsible for helping employees handle their retirement income needs: 78% of the employers felt this way in this year’s survey, compared with 33% in 2012.

Bank of America also found that workplace financial wellness programs are expanding to cover a greater number of topics. While in 2013, wellness programs were almost single-mindedly focused on helping employees save for retirement, in this year’s report these programs are addressing issues such as health-care costs, budgeting, saving for college and managing debt.

Employers are increasingly tying their employees’ financial wellness to productivity. Most employers, 83%, now believe that employee financial wellness programs and tools help create a more productive, satisfied and engaged workforce. When Bank of America asked employees about their feelings, 57% said their well-being has a great impact on their productivity.

When employees were asked about which factors contribute most to their overall well-being, employees cited physical (51%), mental (54%) and financial (49%) wellness.

But the report also found that overall financial wellness among employees has declined. This year, 49% of employees rated their financial wellness as good or excellent, down from 55% in 2019 and 61% in 2018. Younger employees are less likely to rate their wellness highly than baby boomers and those from the silent generation.

Only 41% of women were likely to rate their financial wellness as good or excellent while 58% of men were.

Most of these employees, 82%, reported carrying some type of debt, with the most common types being credit card, mortgage and student loan debt. Women were more likely than men to have credit card debt and student loan debt, and were more likely than men to say that they lack control over their debt.

Employees ranked financial advice from a professional as their top employer-offered resource.

For its report, Bank of America sponsored a survey fielded in March by Escalent among 996 full-time employees and 808 employers.