Marketers might seem a resilient bunch but scratch beneath the surface and the vast majority (75.8%) are suffering in silence, with the profession the worst hit by mental health issues due to the cost of living crisis.
That is according to Nuffield Health’s annual Healthier Nation Index survey, which urges company bosses to act now to help those who have been most affected by the squeeze on finances.
While marketing budgets and consumer finances have been under the cosh for nearly two years, the study reveals that 38.2% of full-time workers and 42.7% of part-time workers also feel their financial health is worse compared to previous years. Some 62.6% of full-time and 60.8% of part-time employees also confessed that the cost of living or a change in personal finances has negatively impacted their mental and physical health in the past 12 months.
According to mental helath charity Mind, the inability to afford day-to-day necessities like food, fuel, and housing costs can lead to mental health problems.
Women were found to be more likely to have worse financial health, with 64.4% of female respondents agreeing that the cost of living has had an impact on their mental health compared to 53.4% percent of men.
However, according to responses from male workers, feelings about the cost of living and its impact on mental health have not improved in the past year for them either. In 2023’s survey, 50.7% of male respondents agreed that cost of living had an impact on their mental wellbeing, but this year this has increased to 53.4%.
Unsurprisingly, salary was also a cause of financial concerns, as the lower the salary, the higher the percentage of worse net financial health. Some 66.2 of those earning less than £15,000 were impacted, followed by those earning between £15,001 and £25,000, with 64.2% feeling concerned.
When it comes to regional variations, Northern Ireland is the area most affected by the cost of living and concerns about financial health, with 63.7% reporting feeling affected, followed by the North East, with 62.6%, and Wales with 60.9%.
Meanwhile, the industries with the most employees most affected by the cost of living include sales, media and marketing, with 75.8% of surveyed employees agreeing that the cost of living has negatively impacted mental health.
The healthcare sector was the second most affected industry, with 65.5% of employees reporting their mental health had been impacted by financial strain, and the architecture, engineering, and building industries, with 64% of workers affected.
The study highlights the need for managers to rethink how companies are structured and the benefits they offer their employees.
Nuffield Health national lead for emotional wellbeing Gosia Bowling said that ensuring all employees are fairly compensated for their work can help reduce financial stress and support them in being able to afford necessities.
She continued: “Fair pay can also foster a sense of value and recognition to boost morale and job satisfaction while ensuring salary equality can minimise resentment to create a more harmonious environment.”
Bowling added that managers should establish clear and fair paths for career advancement, as this can motivate employees and increase engagement with work.
She explained: “Equal promotion opportunities will also increase staff retention and broaden the range of employees in leadership positions for more balanced and effective decision-making.
“If workers are aware of opportunities to progress in their careers, they’re more likely to feel secure in their jobs and incomes to lower financial stresses.
Meanwhile, Bowling reckons that clear communication and transparency in the workplace can build trust between workers and employers and reduce anxiety about responsibilities and job security.
She explained: “To establish a more open and honest workplace culture, employers should conduct regular 1-1s with their workforce, where employees can discuss financial burdens and their impact on their mental health.
Employers can also set up support groups within their teams, where workers can lean on others who are going through, or have gone through, similar struggles.
“However, it’s important to remember that while in-house support is well-received by many, others may require more confidentiality for something as private as their financial situation, or not wish to discuss it with anyone they work with.”
Finally, businesses can provide support for stress and personal problems through services like Employee Assistance Programs (EAPs) and Cognitive Behavioural Therapy (CBT). EAPS offer direct, confidential contact with experts who can support individuals with emotional distress. CBT can teach techniques such as focusing on what you can control and developing a better relationship with finances.
Bowling concluded: “Inviting an external financial expert to run a training session or live webinar can equip employees with the tools they need to manage their money better and alleviate money-related stress.
“Having 24/7, no-strings-attached access to resources can minimise mental health challenges and help employees avoid burnout caused by life stressors like finances.”
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