Business Daily Media

The Times Real Estate

.

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).

Shearwater Capital Invests in EvenBetter.ai to Drive Gender Pay Gap Action

EvenBetter.ai, a Sydney-based startup focused on helping Australian businesses build evenly to address gender pay equity, has secured a $500,000 i...

Global talent: Unlocking the potential of the ‘Everywhere Workforce’

We’ve reached a defining moment in the future of work. Shifts in business demands, evolving employee expectations and the acceleration of tech inn...

Mark Bouris’ Top Tips for Effective Networking

As Boa App Introduces ‘Chapters’ for Australian Business owners A vocal champion of the power of networking, renowned businessman Mark Bouris is ...

Retailers combat post-Christmas debt and boost revenue amid changing customer behaviours

As the festive season wraps up, Australian retailers and companies are shifting their focus from holiday sales to addressing the challenges of pos...

When Will Infrastructure Companies See Gains from Generative AI?

A lot of questions are swirling about the state of generative AI right now. How far along are companies with their bespoke GenAI efforts? Are orga...

DLPA partners with Crestcom to bring its leadership training solutions

Dynamic Leadership Programs Australia (DLPA), a leading provider of leadership training and workforce strategy solutions, has joined forces with r...

Sell by LayBy