Poor mental health in the workplace cost the UK economy £102bn in 2023.
This is according to Axa UK’s fourth annual Mind Health Study which surveyed 16,000 people aged 18 to 74 from 16 European, Asian and American countries. The survey was supplemented by economic modelling from the Centre for Business and Economic Research (Cebr).
The research also looked at the global impact, with an estimated £2.1trn lost last year due to employee mind health issues.
It found that around £26bn was lost to the UK economy from workers taking sick days last year, and a further £57.4bn as work-related mind health conditions took its toll on worker productivity.
The remainder was lost from workers who chose to leave their roles altogether.
Half of UK adults were found to be experiencing issues with their mental wellbeing, with one in five people (20%) admitting to struggling, while a third (33%) said they were languishing.
It also showed that an increasing number of people in the UK were suffering from a mental health condition, (37% up from 33% in 2022).
And while 24% of the global population claim to be flourishing, this figure dropped to 18% in the UK.
Workplace environment has emerged as a huge factor affecting people’s mind health, with the study showing three quarters of the UK population experience negative consequences such as trouble sleeping, stress, lack of confidence and loss of interest due to work.
Job performance, work ethic and dress sense were among the top things people judge themselves on compared with their colleagues, with 51% admitting it negatively affected their mental health.
But employees who felt their company cared about their mental health and took action on it were almost twice as likely to report flourishing mental well-being.
Mental health benefits were valued most by young workers, with 72% of 18–24-year-olds stating that such benefits were important in deciding whether to stay with their current employer.
Tara Foley, CEO at Axa UK & Ireland, (pictured) 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.
“Research shows that workplace habits are a significant factor, like people comparing themselves unfavourably with their colleagues.
“The poor mind health associated with this behaviour 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 you create for people to work in is important.
“At Axa we strive to create a workplace that fosters positive mind health by providing mental health support and strong employee networks.
“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.
“We hope the Axa Mind Health Study will shine a spotlight on the impact that poor mind health is having and demonstrate why identifying mind health issues early can be beneficial not only for individuals, but businesses too.”
Dr Alex George, youth mental health ambassador, and former NHS doctor, added: “A 20-year-old today has lived their formative years not only in a global pandemic but also in a time of geopolitical instability, a cost of living crisis, job insecurity as well as growing concerns about climate change.
“If living through lockdowns weren’t difficult enough, there have also been huge changes in technology, social media and cultural norms.
“It’s little surprise that many 18-to-34-year-olds feel extremely anxious, stressed and alone.
“The message from the Mind Health Study is that more young people need to be able to access professional healthcare services that can help protect their mental wellbeing at such an important period of their lives.”
