According to a Bank of America report, financial well-being sentiment among Americans is rising, with 47% feeling financially secure compared to 42% a year ago. Joining Wealth! to unpack these findings is Bank of America's Head of Retirement and Workplace Benefits, Lorna Sabbia.

While the overall trend is positive, Sabbia highlights concerning disparities across gender and race. She notes that while the top-line number of financial well-being is important, "unpacking that and really understanding the demographics of a particular company are equally important."

The report reveals that 53% of men feel their financial well-being has improved, compared to 36% of women. Furthermore, Asian and Caucasian workers emerge as the most financially secure, with a noticeable decline among other racial groups, Sabbia says.

"Employers who are focused on pay equity topics and talking to their employees about it, obviously they're accessing the best talent. Everybody wants to work for a company that is going to pay fairly. It's just we need more companies to actually focus on that as well," Sabbia tells Yahoo Finance.

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This post was written by Angel Smith