Mental Health Stats for Financial Services Industry
Statistics
- The Financial Services Industry (FSI) experiences one of the highest rates of mental ill-healthin the workforce (PwC Report)
- 33 percent of FIS workersare living with an underlying mental health condition, this is way above the average of 20% for the population. (PwC Report)
- In a study, nearly half of all workers said they wouldn’t tell their manager about their mental health problem for fear it maybe career suicide (Link)
- Very high level of anxieties for FIS too, compared to the rest of the population (PwC Report)
- Mental health problems are the 3rd biggest source of disease burden in Australia, after cardiovascular disease and cancer (Link)
- About a third of the burden experienced by the population can be prevented by reducing the exposure to modifiable risk factors. The risk factors causing the most burden were tobacco use, high body mass, alcohol use, physical inactivity and high blood pressure (Link)
- According to the World Health Organisation 1 in 4 people in any one year, will experience emotional and mental distress such that if they were to see a clinician, they would be diagnosed with a mental illness (WHO)
- This is echoed in Australian workplaces. Despite the figures, nearly half of all senior managers believe none of their workers will experience a mental health problem at work (Australian Human Rights Commission)
- With 1 in 4 people experiencing a mental health issue in any one year, it is not a matter of if someone becomes unwell, but when (WHO)
- In fact, it is likely that there are people in your workplace right now who are experiencing mental ill-health. As a manager, it is safe to assume that you are already managing people with a mental health issue…. and you may not even know about it
- Another concerning issue is that when mental health problems do arise, they are often viewed as being the result of personal problems, seen to be caused by events outside of work. However, an unhealthy work environment or incidents at work can cause significant distress, and impact on the psychological wellbeing of employees, contributing to the development of a mental health problem, or exacerbating an already existing mental health issue.
In fact, we now know that job stress and other work related psychosocial hazards are emerging as the leading contributors to the burden of occupational disease and injury.
Costs to Business:
- Untreated depression results in over 6 million working days lost each year in Australia.
- 12 million days of reduced productivity each year
- Stress related workers compensation claims have doubled in recent years, costing over $10 billion each year.
- The average psychological injury claim costs $250,000.
- Work pressure accounts for around half of all psychological injury claims, and harassment and bullying for around a quarter.
- $10.9 billion lost each year in Australia
- Australian businesses lose over $6.5 billion each year by failing to provide early intervention/treatment for employees with mental health conditions.
- An employee with depression is expected to take on average 1 day per week off sick. 6% of employees will have depression this year.
- Estimated cost in absenteeism is $10K per year per worker with depression (let alone other mental health issues)
Absenteeism
- A survey of over 5000 workers indicated that 25% of workers took time off each year for stress related reasons.
- A worker with depression takes 3-4 days off each month,
- $9660 annually, per worker with depression. (At least 6% of the workforce is estimated to have depression).
- Untreated depression results in over 6 million working days lost each year in Australia.
Presenteeism
- Costs up to 6 times that of absenteeism
- An average of 6.5 days of productivity lost each year per employee (averaged across all employees).
Turnover
- Turnover is estimated to cost 6-9 months salary
- Higher rates of turnover amongst people experiencing mental distress.
Litigation
- The average psychological injury claim costs $250,000.
- Work pressure accounts for around half of all psychological injury claims, and harassment and bullying for around a quarter.
Human Resources - Time
- $10.9 billion lost each year in Australia
- Australian businesses lose over $6.5 billion each year by failing to provide early intervention/treatment for employees with mental health conditions.
Lost Productivity/Creativity
Difficult to quantify but decreased cognitive function usually associated with mental disorders.
Cognitive deficits may result in the inability to:
- pay attention
- process information quickly
- remember and recall information
- respond to information quickly
- think critically, plan, organize and solve problems
- initiate speech
(NCBI)
Benefits of addressing Mental Health
Because it makes good business sense
PWC research shows that every dollar invested in creating a mentally healthy workplace returns $2.30 to the organisation. It also:
- Reduces costs associated with worker absence and high turnover
- Achieves greater staff loyalty and a higher return on training investment
- Minimise stress levels and improving morale
- Avoids litigation and fines for breaches of health and safety laws.
- Avoids the time and cost involved in discrimination claims.
- Avoids industrial disputes.
Because it improves productivity
Every dollar spent on identifying and supporting workers with mental health issues yields close to 500% return in improved productivity (increased output and reduced sick leave).
Because society and workplaces are diverse
The Australian population is diverse, and a diverse workplace reflects that. Successful organisations recognise the contribution made by a diverse workforce which includes people with mental health problems. Not only are there people with mental health issues in your workforce, but many of your customers and clients also have mental health problems, so having people who reflect your customer base is always a good idea.
Because mental illness can affect anyone
Most of us will experience a mental health issue at some point in time, whether for a short period of time, or for longer. And the rest of us will know people who are affected. Trying to avoid dealing with mental health at work is not only futile, but can be damaging for those experiencing the issue and those around them. Where mental health issues are the norm, it makes sense to have a plan to address them at work.
Because it is the law
Employers have a legal obligation to manage the quality of mental health in the workplace and ensure workplaces are psychologically safe.
Under each state’s Work Health and Safety legislation, employers are required to take reasonable actions to provide a safe and healthy workplace. In practice this means providing working conditions which do not cause or aggravate a mental health condition. Common risks to mental health at work include job stress, bullying and harrassment, and workplace trauma.