More than 20mn UK workers are struggling with their mental health because of the cost-of-living crisis, a protection provider has warned.
A report from protection and healthcare insurer The Exeter has stated that nearly two-thirds of all of Britain's 32.8mn-strong workforce are suffering from some form of mental stress because of their finances.
The Exeter's Health and Financial Fears of UK Workers 2023 research surveyed 2,000 employed Britons aged 18 and above in the UK in June 2023.
The research found 54 per cent of workers said they would not be able to afford mortgage or rental payments if the current financial situation did not improve.
When extrapolating this data across the nation, the Exeter said this means millions of people could be unable to make ends meet in 2024, and this could lead to more mental ill-health, exacerbated by delays in diagnosis and treatment.
Younger workers aged 18-24 are most impacted by the cost-of-living with 76 per cent reporting it put a strain on their mental health compared to 29 per cent of those aged 65 and over.
Karen Woodley, head of healthcare distribution at The Exeter, said: “As a society, we are more conscious than ever before about the importance of mental wellbeing and the role it plays in helping us maintain a healthy lifestyle.
“Unfortunately, the current challenges faced by health services means that support for those living with mental health conditions is unlikely to be available immediately.”
The report also found only 13 per cent of workers were able to maintain their spending habits, a decline from 19 per cent in 2022 highlighting a rise in financial anxiety.
This comes as another report published by Close Brothers Asset Management showed only half of UK companies have a financial wellbeing strategy.
Commenting at the time, Jeanette Makings, head of workplace financial wellbeing, said: “Our research has illustrated, money worries don’t only affect individuals, they also impact business health as they are a significant drain on productivity.
"In failing to devote attention and resources to support financial wellbeing and their role in wider wellbeing strategies, the best-laid wellbeing plans may be rendered much less effective.”
alina.khan@ft.com
