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Financial crisis causing significant mental health issues for women in workplace

by Emma Simon
November 2, 2023
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Global events and the cost of living crisis are having a significantly larger impact on the mental health of women when compared to men, according to new research.

The research conducted by Cigna Healthcare across 12 countries found that women were more likely to suffer burnout and stress in the workplace. It said low emotional and financial wellbeing were a leading cause of these mental health problems, particularly as women were typically paid less than men. 

In total half of those surveyed (49 per cent) cited the ongoing cost of living crisis as the largest cause of stress.

This study, developed with clinical psychologist Dr. Richard Ryan, looked at the range of factors that contribute to an individual’s wellbeing. 

Against a back drop of global issues, including  the cost-of-living crisis, the study’s found women exhibit significantly lower levels of ‘vitality’ compared to men, primarily due to a ‘perceived lack of energy and positive spirit.’

Women were also scoring lower than men when it came to emotional and financial wellbeing, with men’s higher scores typically linked to greater financial security. The report found that the gender pay gap was a significant problems with women being twice as likely as men to earn less than £1,500 per month. In total 52 per cent of women fell into this income bracket, compared to just 26 per cent of men.

The report also found that more than one in two (53 per cent) women suffering stress said this resulted in disrupted sleep patterns and persistent tiredness.

Cigna Healthcare chief medical officer Dr Stella George says: “Our latest research reveals some alarming statistics when it comes to the well-being of women. Increased levels of stress and burnout will only have long term effects – a fifth of those in the UK reported feeling more helpless, trapped, and defeated than normal.

“These are dangerous levels of stress and burnout – people need to understand that help is out there. Importantly, employers can offer those suffering from burnout much needed support, from recognising the warning signs, understanding the effects, and helping to manage and reduce burnout within teams”

Cigna Healthcare CEO Arjan Toor adds: “Cigna’s Vitality Study demonstrates that there is a well-being crisis in the UK; the rate of burnout and stress, particularly women, are extremely concerning.

“With significant global challenges such as conflict, illness, and the cost-of-living crisis, we’re constantly consuming terrible news with little relief, all of which are affecting our day-to-day lives. 

“We can no longer measure well-being using narrow health metrics such as diet, exercise, and disease alone. We must consider the bigger picture: intellectual and emotional stimulation, cultural and social connections, financial and physical security, and of course health. Work is a central part of people’s vitality and well-being, and it is therefore essential that every employer considers this as part of their workplace health plan.”

 

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