71% of employees say the cost of living crisis is their main cause of stress and anxiety, according to new research from Laya Healthcare.
Its Wellbeing Index reveals that 35% of workers reported feeling concerned or anxious either frequently or all the time, representing a significant increase since the last wave of research was conducted six months ago where this figure was 24%.
That jump of 11% comes as prices continue to rise further.
Meanwhile, 56% of employees surveyed said they are looking to change jobs for a higher salary.
The research also shows an overall decline in mental health among employees over the past six months.
29% of those surveyed self-reported their mental health as poor.
Anxieties were higher in female respondents compared to their male counterparts, with younger female employees more likely to have suffered from poor mental health in the past six months.
"So far this year, of a sample of 30,000 employees initially referred to our occupational health service, over half were mental health related with referrals for stress, anxiety, relationship issues and depression," said Prof John Gallagher, Founder at Cognate Health and Specialist in Occupational Medicine
"This underpins the need for employers to introduce or reinforce their mental health supports offering employees a first port of call to seek help if they need it," he said.
The findings show that hybrid workers are more likely to have had higher job satisfaction in the last six months, driven by better work life balance, flexibility and less commuting.
However, despite all the changes to work patterns over the past few years as a result of the pandemic, the research reveals that four in ten companies don't have a health and wellbeing strategy, and this falls to 38% for mental health strategy.
"Our research shows a clear and sustained decline in employee mental health and employers need to take urgent action to provide supports tailored to their needs," said Sinead Proos, Head of Health & Wellbeing at Laya Healthcare
"New for 2022 is the need to introduce specific financial wellbeing supports to help retain and attract top talent," she added.
