The cost-of-living crisis in the UK significantly impacts workers’ mental health, as highlighted by Nuffield Health’s recent survey.
- Full-time and part-time workers report a decline in financial health compared to previous years.
- The crisis has adversely affected the mental and physical health of over 60% of employees in the past year.
- Women are reported to be more affected by financial stress than men across the UK.
- Northern Ireland is the most impacted region, with notable concerns also prevalent in North East and Wales.
Nuffield Health’s survey brings to light the considerable toll that the cost-of-living crisis has taken on UK workers’ mental health. Over 38% of full-time workers and approximately 43% of part-time workers feel their financial situation has worsened compared to previous years. This decline in financial health is mirrored in the mental and physical well-being of employees, with over 62% of full-time staff and 60% of part-time staff reporting negative health impacts.
The survey indicates a pronounced gender disparity in how financial stress is experienced. A striking 64.38% of female respondents report a negative impact on their mental health due to financial strains, compared to 53.40% of their male counterparts. Although male workers also reflect a growing concern, as the number acknowledging the mental impact of financial issues increased from the previous year.
Notably, salary levels play a crucial role in the financial and mental health of employees. Those earning under £15,000 annually are the worst affected, with over 66% reporting financial worries. Employees earning between £15,001 and £25,000 are similarly troubled, with over 64% expressing concern.
Geographically, Northern Ireland emerges as the most affected by the cost-of-living crisis, with over 63% of residents feeling the strain. The North East and Wales also report significant levels of financial worry among residents, highlighting regional disparities in the crisis’s impact.
Industry-wise, employees in the Sales, Media, and Marketing sectors are the most affected, with over 75% reporting a negative impact on their mental health. Healthcare sector workers follow, with over 65% affected, and those in the Architecture, Engineering, and Building sectors report a 63.88% impact on their mental well-being.
In response to these challenges, experts suggest several workplace strategies to mitigate the crisis’s impact on mental health. Ensuring pay equality, providing equal opportunities for promotion, fostering a transparent workplace culture, and facilitating access to mental health support are crucial measures. Businesses are encouraged to offer Employee Assistance Programs and Cognitive Behavioural Therapy to help employees manage stress and financial challenges effectively.
Addressing the mental health impacts of the cost-of-living crisis requires targeted workplace interventions and support systems for affected employees.
