Fewer than half of U.S. employees have a positive state of well-being, according to a new survey by Alight Solutions.

The survey, which polled 2,301 people, also found Americans’ perceptions of their well-being status is dropping. “Personal perceptions of mental and emotional well-being have declined most — down six points,” noted the report.

It found millennials rated the state of their mental/emotional (37 per cent), physical (36 per cent), professional and career (36 per cent) and social (28 per cent) well-being lower than all other generations. Comparatively, baby boomers (40 per cent) rated their mental/emotional well-being higher than any other generation, but this number is still down seven points from previous years.

Read: Millennials, managers more likely to report mental-health struggles

The survey also found one in five respondents are struggling to cover monthly expenses, one in four said their levels of debt are ruining their quality of life and 42 per cent are failing to save for health-care expenses not covered by insurance. Indeed, 56 per cent of survey participants said most of their stress comes from their finances.

“Employers are tuned in to these observances and, as part of their efforts, are focused on improving financial well-being,” said the study. “But again, despite the focus and available resources, how employees feel about their financial situations doesn’t appear to be getting substantially better — perhaps due to the increased spotlight financial well-being brings to their personal financial situation and hardships.”

Read: Mental and emotional health spilling over to financial stress: study

The study also showed an increasing number of employees are afraid of running out of money when they retire and believe they won’t have enough funds to retire when they’d like to. However, more respondents said they’re taking steps to ensure they have the funds required for retirement, with about 80 per cent of employees contributing to their company’s retirement plan.

As for workplace well-being programs, generation Z is more likely (90 per cent) than other generations to agree that well-being benefits and programs are a benefit they value. As well, the majority (87 per cent) agreed these types of programs enhance and improve their overall experience in the workplace.