The latest Health and Financial Fears Report from The Exeter has shed light on the growing mental health concerns among UK workers, exacerbated by the cost-of-living crisis and prolonged NHS wait times.
Approximately 75% of workers are troubled by escalating living costs, and more than half fear the possibility of not affording their housing payments. Furthermore, 58% are worried about their capacity to manage utility and food bills.
The report indicates that two-thirds of the workforce, translating to over 20 million people considering the current employment figures, are experiencing negative mental health effects due to these pressures.
Cost-of-living issues are identified as the most significant source of stress, affecting 30% of workers, while 8% attribute their stress primarily to NHS service accessibility. A combined effect of both factors is reported by 30% of workers.
Younger employees, particularly those aged 18-24, seem more affected, with 76% reporting mental health impacts, whereas only 29% of workers over 65 report similar issues. The research also highlights a gender disparity, with women more likely to report mental health challenges.
Karen Woodley, head of healthcare distribution at The Exeter, comments on the findings: “The prolonged financial uncertainty and growing concern about fulfilling essential financial responsibilities are contributing to a detrimental impact on mental health. With the current health service challenges, immediate support for those with mental health conditions is not always available.”
Woodley adds that despite the financial crisis, there is a surge in demand for private healthcare as individuals seek alternative support avenues.
She notes: “Health insurance policies not only cover treatment for mental health conditions but also provide quick access to services, ensuring a timely range of support for managing mental health and wellbeing.”
