Work-related stress costing the UK billions

A new report has shown that work-related stress and burnout are currently costing the UK economy as much as £28 billion a year.

Data from AXA’s Mind Health Study revealed that the majority of this cost comes from the loss of working days because of stress, burnout and general poor mental health.

Figures show that as a result of these issues, businesses are losing 23.3m working days.

The study surveyed 30,000 people aged 18-74, from 16 European, Asian and American countries and found that 21% of UK adults are in emotional distress, defined by the study as ‘struggling’, and 26% have an absence of positive wellbeing, defined in the study as ‘languishing’.

This means almost half of the UK is currently not in a positive state of mental wellbeing and is at risk of burning out, which is having a significant impact on the economy and businesses across the country.

Claudio Gienal, CEO at AXA UK & Ireland, said, “It’s concerning that so many people are struggling with their mental health in the UK. 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.

“There are positive signs and it’s good to see the stigma associated with having a mental health condition continuing to decline, but it’s clear that more needs to be done to support people at work and in their everyday life.”

To find out more about contracting please contact Sophie on 01206 591 000 or email sophie.lewis@contractoumbrella.com.