FT: World Gripped by Mental Health Pandemic

By Staff, Agencies

A mental health crisis is unfolding in workplaces worldwide, with financial services emerging among the hardest-hit sectors, the Financial Times reported on Monday, citing recent research.

Burnout, depression, and anxiety are the main issues that significantly undermine productivity, economists, business leaders, and health advocates have warned.

A survey by global consultancy firm Deloitte revealed that 17% of finance and insurance workers in the UK experience exhaustion, declining performance, and mental distancing, compared to a 12% average across all sectors.

The report noted that the annual cost of poor mental health per employee in financial services amounts to £5,379, more than double that in any of the 14 other industries examined.

Startling statistics by the World Health Organization [WHO] and the International Labor Organization [ILO] show that around 12 billion work days are lost annually to depression and anxiety, costing the global economy an estimated $1 trillion each year.

“The scale of the problem is hugely worrying, particularly among young people,” Kate Pickett, professor of epidemiology at York University, told the FT.

“The increase has been so huge that there is something real going on,” she said, dismissing suggestions that the rise in reported cases is merely due to greater awareness.

Researchers from Deloitte said the wellbeing of young people is particularly alarming, with one in five UK children having a probable mental health disorder in 2023, compared to one in nine in 2017.

Among the factors contributing to the global “mental health pandemic” are the cost-of-living crisis and the pervasive use of social media, according to the researchers.

The decline in mental health was exacerbated by the Covid-19 pandemic, during which global depression cases surged by 25% between 2020 and 2021, according to the WHO.

The organization said that mental health levels have not yet returned to pre-pandemic levels, with some individuals continuing to experience a “massive hangover from the pandemic.”