Research from financial wellbeing platform Wagestream found 30% of employees think their employer cares about their financial health, down from 52% before the height of the cost of living crisis.
The number of people who previously thought their employer didn't care about their financial wellbeing has also increased from 22% to 35%.
Impact of the cost of living crisis:
Jamie Lawrence, insights director at Wagestream, said companies could communicate better with employees to help them deal with money worries.
He said: “Money stigma is massively compounding financial stress throughout this crisis. Of those struggling, 76% have not approached their employer for help, with almost a third citing shame and embarrassment.
"Along with better communicating benefits and putting savings tools in place, HR teams can create real, instant impact by tackling money stigma; from thinking carefully about using non-judgemental language, to sharing accessible, meaningful stories that make the topic feel real and approachable."
The country's cost of living situation has been worsened by record inflation level of 9.4% and rising energy prices which have plunged workers into fuel poverty.
The Bank of England, which forecast inflation to reach 13% by the end of 2022, also increased interest rates to 1.75%, the highest figure since 1992.
Financial pressures are having a major impact on people in the country. The research also showed 72% of people are worrying about money at least once a week, with more than half (52%) worrying about money more than anything else. This has led to 76% saying their mental health has declined as a result.
Wagestream surveyed 9,500 people between July 2021 and June 2022.