Work-related stress had cost the British economy £28 billion last year
By: Pramod Thomas
A study has revealed that almost 50 per cent of employees in Britain face the possibility of burnout due to the added anxiety brought on by the cost-of-living crisis.
The study, conducted by French insurer AXA and UK think tank CEBR, also found out that work-related stress incurred a cost of £28 billion to the British economy in the previous year.
Additionally, the research showed that 23.3 million sick days were taken in the country due to poor mental health. The study was based on a survey of 30,000 individuals in 16 different countries across Europe, Asia, and America.
“Burnout and work-related stress is a significant issue for the UK economy,” the study concluded.
Some 21 percent of Britons surveyed were classed as “struggling” or in emotional distress.
That compared with 17 per cent in the US, 14 per cent in Japan and Ireland, 11 per cent in Belgium and ten percent in China and France.
In Britain, a further 26 per cent of respondents were “languishing”, or not in a positive state of mind.
“People in the UK are more likely to be struggling with their mind health compared to any other country surveyed,” the study added.
“This means almost half of the UK are currently not in a positive state of mental wellbeing and at risk of burning out, which is having a significant impact on the economy and businesses.”
Britain’s cost-of-living crisis was a key contributor to work-linked anxiety, as soaring inflation slashes the value of salaries.
Almost half of Britons surveyed felt “overwhelmed and uncertain” over the future.
Financial stress and concerns are costing UK businesses up to £6.2bn alone in sick days and lost productivity, CEBR data also showed.
Yet the study highlighted some improvement in the UK, with “a decline in the stigma associated with having a mental health condition” and an increase in respondents with “very good” mental health compared with the previous year.
AXA UK chief executive Claudio Gienal said it’s concerning that so many people in Britain are struggling with their mental health.
“Our findings show that not only does this have an impact on these individuals, it also comes at a huge cost to the economy and society as a whole,” he said.
“There are positive signs… but it’s clear that more needs to be done to support people at work and in their everyday life,” he added.