A hidden crisis is spreading across workplaces around the world, and the financial services sector is one of the hardest hit. According to the Financial Times, a new study reveals that burnout, depression, and anxiety are taking a heavy toll on workers’ mental health, and in turn, damaging productivity in companies.
The research, conducted by global consultancy firm Deloitte, shows that 17% of workers in finance and insurance in the UK are suffering from exhaustion and feeling mentally distant from their work. This is higher than the 12% average seen across other industries. What’s worse, poor mental health costs the finance sector a staggering £5,379 per employee every year—more than double the cost compared to other industries.
Globally, the problem is even more alarming. The World Health Organization (WHO) and the International Labor Organization (ILO) report that depression and anxiety cause workers to lose a shocking 12 billion workdays each year. This mental health crisis is costing the global economy an estimated $1 trillion annually.
Experts are particularly worried about the younger generation. Kate Pickett, a professor of epidemiology at York University, says the rise in mental health issues among young people is so dramatic that it can’t simply be explained by greater awareness. In fact, a recent study showed that one in five UK children is dealing with a probable mental health disorder, compared to one in nine just six years ago.
The reasons for this mental health “pandemic” are complex. The economic struggles caused by the rising cost of living, along with the constant pressures of social media, are contributing factors. These issues were made even worse by the COVID-19 pandemic, which led to a 25% increase in global depression cases between 2020 and 2021. Although things are slowly improving, the World Health Organization warns that many people are still feeling the lingering effects of the pandemic on their mental health.
This crisis is not just an individual issue; it’s a huge problem for businesses too. With mental health issues affecting productivity, companies are facing rising costs and decreased performance. It’s clear that the mental health crisis is much bigger than anyone could have imagined—and the financial services sector is just one example of its widespread impact.
