Business Daily Media

Men's Weekly

.

One in four workers suffers mental distress due to rising costs


The cost of living crunch is having an impact on more than Australians' wallets. According to new research from Lifeworks, it is also affecting their mental well-being.

LifeWorks’ Mental Health Index shows that one in four Australian workers say inflation is the most significant cause of their stress (26%), followed by the continuation of the COVID-19 pandemic (13%) and job loss (10%). The research also reveals more than half of Australian employees (53%) believe stress is the main reason for their declining mental health.

Another area investigated by the report was trust. More than one in ten Australians report a decline in trust between them and their employers, with changes in workplace culture (37%), a perceived change in how employers handle wellbeing (25%), and a change in communication (13%) as reasons for a decline.

Conversely, positive changes in communication, culture and the perception of how work was handled during the pandemic are the top reasons for improved trust between employers and employees.

Some other report findings include the following points:

  • - 34% of Australians have a high mental health risk, 42% have a moderate mental health risk, and 24% have a low mental health risk.

  • - Anxiety and isolation have been the most negative mental health sub-scores for two consecutive years.

  • - 30% feel alone often, and this group has a mental health score nearly 20 points below the national average.

  • -25% of workers identify co-worker relationships as having the most positive impact on their work effort.


Fragile mental health

LifeWorks started measuring Australians' mental health immediately after the pandemic's onset in 2020, surveying 1,000 workers and measuring employed adults' mental health in several dimensions, called sub-scores. The report compares its data against benchmark information collected in 2017, 2018, and 2019.

In 2020, the Index identified a substantial drop in the country's mental health, which fell to 57.8 on a 0 to 100 scale. That meant workers went from an "optimal" situation (above 80) to a "strained" one (between 50 and 79) very rapidly. Since then, there has been a limited recovery, with the score never surpassing 65.

In the report released today, the Index sub-score that measures financial risk declined from 70.1 to 68.8 between June and September. Despite this decline, other sub-scores analysed, such as general psychological health and productivity, balanced the results, keeping the general mental Index score relatively unchanged between June and September (64.3 vs 64.5).

The quiet majority: why marketers need to cater to low intent shoppers

When shoppers are browsing online, whether for a new phone, holiday, or pair of shoes, they usually know exactly where they stand. Sometimes they’...

Lack of Salary Transparency is Costing Businesses Top Talent, Says Recruiters

As end-of-financial-year reviews approach, new research reveals a growing disconnect between Australian employers and employees on the issue of sa...

Sleep Soundly, Knowing Your People Are Paid Right: Navigating the Complexities of Modern Payroll

The Role of Modern Payroll Modern payroll systems are essential to any organization's financial infrastructure in today's rapidly evolving business...

Tariffs for dummies: Getting to grips with the business of exporting goods and services

It pays to understand how the international taxation system works before you start selling abroad. Take a glance at the business news just now an...

Deputy Unveils Enterprise-Grade Analytics+ to Power Smarter Workforce Decisions for Shift-Based Businesses

Deputy, the world’s leading workforce management platform for shift work, today announced the global launch of Deputy Analytics+, a next-generatio...

UNSW startup accelerator offers $200K to the next generation of Australian deeptech unicorns

UNSW Founders, Australia’s most recommended startup accelerator, has partnered with fund manager Luminary Partners to invest $200,000 each into 18...

Sell by LayBy