Financial instability is plaguing U.S. workers. In return, employees' mental health declines with their financial health. However, employers have the chance to play an increasingly involved and impactful role in supporting employees' financial wellness.

So says Ellen Pedersen, head of product at Upwise, a financial wellness app. Pedersen shares their thoughts on how employers can help.

The financial health of America's workforce is declining, and debt seems to be a leading culprit. This is according to MetLife's 2023 Employee Benefit Trends Study ('EBTS'), which found debt to be a leading cause of poor financial health for over 1 in 3 U.S. employees. Why is debt  such a pressing issue for the current workforce – and who is feeling the impact most?

Right now, we know the workforce is financially strained, as only 55% of U.S. employees feel financially healthy – down from 64% in 2022. From uncertainty around job security to the rising cost of living, a vast majority of U.S. employees are struggling to stay afloat financially day to day, let alone save for the future. For those also carrying the weight of student loan debt, this can feel like a crushing burden.