U.S. workers are under financial stress and are looking to their employers for a lifeline.

"This month, we saw the largest decline in mental health scores since April 2020," said Paula Allen, global health leader, business and client insights, for TELUS Health. "Many signs point to the rise in inflation as the main reason for this drop, given we know how important a sense of personal control is to mental health and well-being. The economic changes, on top of existing challenges we've been facing over the past three years, have put more than 65% of American workers at high or moderate mental health risk."

Employees expressed concern about debt and financial uncertainty in the company's latest Mental Health Index:

• Two in five workers feel overwhelmed by debt. The mental health and financial well-being scores for this group are 10 and 15 points below national averages, respectively.
• More than a third of workers are not financially confident about the next 10 years, with 12% expecting at least some level of financial struggle.
• Almost three-quarters of people who feel overwhelmed have not reached out for financial advice or coaching, with 16% citing embarrassment as the reason.

Emergency funds can alleviate stress and help restore a sense of financial well-being. Workers who lack an emergency fund are five times more likely to believe they will be in a very difficult financial situation in coming years; twice as likely to feel overwhelmed by debt; and more than twice as likely to feel too embarrassed to ask for financial guidance. More than one in 10 workers ranked a hardship or emergency fund as the most valuable employer offer of support.