The cost-of-living crisis significantly affects the mental health of UK workers.
- A recent survey reveals increased financial strain among full-time and part-time workers.
- More women report worsening financial health due to living costs than men.
- Northern Ireland records the highest cost-of-living impact on financial health.
- Sales, Media, and Marketing industries are most affected by financial stress.
The ongoing cost-of-living crisis in the UK has emerged as a significant factor impacting the mental health of the workforce, as revealed by Nuffield Health’s annual Healthier Nation Index survey. The study discloses that a considerable portion of both full-time and part-time workers are experiencing intensified financial strain, directly affecting their mental and physical well-being. Specifically, 38.24% of full-time and 42.69% of part-time employees perceive their financial health to have deteriorated compared to previous years.
A gender disparity is notable in the responses, with 64.38% of female respondents acknowledging the negative influence of the cost-of-living crisis on their mental health, compared to 53.40% of male respondents. Alarmingly, the sentiment among male employees worsened from the previous year, climbing from 50.65% to 53.4%.
Regionally, Northern Ireland emerges as the most affected area, with 63.68% of individuals reporting a decline in financial health due to living costs. This is followed by the North East and Wales, with 62.58% and 60.98% respectively, illustrating a widespread national concern.
Industry-specific data highlights significant vulnerability, with the Sales, Media, and Marketing sectors reporting that 75.76% of employees perceive a detrimental impact on their mental health due to financial pressures. The Healthcare sector follows closely at 65.46%, while the Architecture, Engineering, and Building industries report a 63.88% impact rate.
The findings indicate an urgent need for organisational change, advocating pay equality and equal advancement opportunities to alleviate financial stressors. Promoting a transparent workplace culture alongside accessible support services is essential. Offering Employee Assistance Programs (EAPs) and Cognitive Behavioural Therapy (CBT) can provide crucial support, while financial literacy programmes may further empower employees.
These findings underscore the pressing need for comprehensive corporate strategies to support employees facing financial and mental health challenges.
