New research suggests that the cost of living crisis is the lead cause of stress and anxiety for employees.
Some business owners and HR managers are also said to be “very concerned” about the mental health of their staff.
A concerning number of Irish employees have cited the rising cost of living as the main source of stress and anxiety in their lives, according to new research.
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The data, gathered by insurance company Laya Healthcare as part of their Wellbeing Index, suggests that as much as 71% of employees across Ireland are worried about the cost of living crisis and cite it as their main concern.
On top of this, 35% of employees taking part in the research reported feeling concerned or anxious frequently or all the time, while 29% felt that they had poor mental health. These figures have increased from a previous study just six months ago.
As well as the rising cost of living, 57% of employees were concerned about money, 47% were uncertain about the future and 46% were concerned about Ireland’s economy.
A decent amount of HR leaders and business owners are concerned about their employee’s wellbeing, a figure that has increased from 15% to 33% six months on.
More female employees were said to be anxious at 2 in 5, compared to their male counterparts at 1 in 4. Young females, in particular, were more likely to suffer from poor mental health.
Head of Health and Wellbeing at Laya Healthcare, Sinead Proos said: “Our research shows a clear and sustained decline in employee mental health and employers need to take urgent action to provide supports tailored to their needs.”
Professor John Gallagher, Founder at Cognate Health and Specialist in Occupational Medicine, said, “The latest wave of research from the laya healthcare Workplace Wellbeing Index has shown an overall decline in mental health over the past six months, coinciding with the arrival of the cost-of-living crisis. Our occupational health data validates this.
“So far this year, of a sample of 30,000 employees initially referred to our occupational health service, over half (52%) were mental health related with referrals for stress, anxiety, relationship issues and depression.
“This underpins the need for employers to introduce or reinforce their mental health supports offering employees a first port of call to seek help if they need it.”
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