A staggering 70 million work days are lost each year due to mental health problems in the UK, costing employers approximately £2.4 billion per year.
How much does mental health cost the economy UK?
1. Mental ill health is the single largest cause of disability in the UK, contributing up to 22.8% of the total burden, compared to 15.9% for cancer and 16.2% for cardiovascular disease1. The wider economic costs of mental illness in England have been estimated at £105.2 billion each year.
What was the total cost of mental health problems in the workforce to the UK economy in 2017?
The report calculates that poor mental health costs UK employers at £42 – 45 billion a year, compared to £33 – £42 billion in 2017 – the 16% rise is calculated from the mid-point between the two.
How much does mental health cost the UK 2020?
28 July 2020
The economic and social cost of mental ill health in England has grown in the last decade to almost £119 billion a year, according to an estimate published today by Centre for Mental Health.
How much does mental health cost the workplace?
Some estimates suggest that major depression alone is costing employers $31 billion to $51 billion per year in lost productivity. The World Economic Forum reports that by 2030, the global costs of mental health problems will total over $6 trillion.
How much money does mental health cost the NHS?
Poor mental health carries an economic and social cost of £105 billion a year in England. Analysis commissioned by NHS England found that the national cost of dedicated mental health support and services across government departments in England totals £34 billion each year, excluding dementia and substance use1.
How much does mental health cost the economy?
In total, poor mental health was estimated to cost the world economy approximately $2·5 trillion per year in poor health and reduced productivity in 2010, a cost projected to rise to $6 trillion by 2030.
How much does mental health cost UK employers?
Mental health problems are all too common in the workplace and it is the leading cause of sickness absence. A staggering 70 million work days are lost each year due to mental health problems in the UK, costing employers approximately £2.4 billion per year.
What is the economic cost of depression?
Approximately 6-7% of full-time U.S. workers experienced major depression (MDD) within the past year. The total economic burden of MDD is now estimated to be $210.5 billion per year.
How much does stress cost?
Stress Costs U.S. $300 Billion Every Year.
Is mental health care free in the UK?
Mental health services are free on the NHS, but in some cases you’ll need a referral from your GP to access them. There are some mental health services that allow people to refer themselves. This commonly includes services for drug problems and alcohol problems, as well as NHS psychological therapies services (IAPT).
Work-related stress and mental illness accounts for over half of work absences – and costs British businesses an estimated £26 billion per annum. In addition, studies have revealed that 460,000 people transition from work to sickness and disability benefits a year, which costs employers £9 billion a year.
Is mental health Expensive?
The cost of mental health
Spending on mental health treatment and services reached $225 billion in 2019, according to an Open Minds Market Intelligence Report.
How much does illness cost the UK?
Cost of workplace injury and ill health 2018/19
The total costs of workplace self-reported injuries and ill health in 2018/19 was £16.2 billion. Ill health causes the biggest proportion of total costs at around 66% (£10.6 billion), with injury resulting in around 34% of total costs (£5.6 billion).
How does mental illness affect the economy?
Poor mental health may cost businesses nearly as much as physical health problems, according to researchers. A single extra poor mental health day in a month was associated with a 1.84 percent drop in the per capita real income growth rate, resulting in $53 billion less total income each year.
How much does sickness absence cost businesses UK?
This data, from health insurer Vitality’s annual Britain’s Healthiest Workplace study, suggests that this ill-health related absence and presenteeism cost British businesses and the economy an estimated £91.9bn in 2019, an over £10bn increase on 2018.