Poor mental health in the workplace cost the UK economy £102 billion in 2023, according to research by Axa UK.
The healthcare group’s fourth annual Mind health study, which surveyed 16,000 people aged 18 to 74 from 16 European, Asian and American countries, also found that around £26 billion was lost to the UK economy from employees taking sick days last year, and a further £57.4 billion from workers being less productive due to work-related mental health conditions. The remainder was lost from staff who chose to leave their jobs altogether.
Globally, £2.1 trillion was lost due to employees’ mental health issues.
More than half (53%) of UK respondents have experienced a positive wellbeing absence associated with emotional distress, with 20% admitting to struggling and 33% saying they are languishing. Three-quarters experienced trouble sleeping, stress, lack of confidence and loss of interest due to work.
More than one-third (37%) said they are suffering from a mental health condition, up from 33% in 2022. While 24% of the global population claim to be flourishing, this drops to 18% among UK respondents. Meanwhile, 72% of respondents aged 18–24-year-old said mental health-related employee benefits are important when deciding whether to stay with their current employer.
Tara Foley, chief executive officer at Axa UK and Ireland, said: “In the UK, we are seeing a growing number of people battling with poor mind health and, as people spend a large proportion of their lives working, a supportive workplace environment plays a critical role in addressing this. Poor mind health comes at a huge cost to the UK and global economies, and employers have a duty to respond to this for the benefit of their employees and the wider society.
“As an employer, we know that the environment employers create for people to work in is important. This helps prevent people from struggling with their mind health, enables them to recognise when they need support and provides them with tools to enable them to move towards a more positive state of mind.”