American workers are starting to feel better about their financial outlooks. According to a new report from the Bank of America Institute, 47% of employees reported feeling financially well, up from 42% in 2023. Despite the improvement, the report shows that there are still issues hamstringing employee financial wellness, lingering concern over inflation not least among them.

The 2024 Workplace Benefits Report, which surveyed a national sample of 955 full time employees and 804 employers, shows a number of encouraging developments. Perhaps most notable, employees concerned that economic uncertainty would affect their retirement and benefits dropped from 63% to 53% from last year. This improvement might be due to strategic planning on behalf of employees: 62% of employee respondents said they were limiting expenses, while 43% said they were paying down debt.