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Stress highlights need for income protection

A new report published by the UK’s leading disability insurer, UnumProvident, reveals that mental ill-health costs the economy as much as £10 billion a year.

The Mental health and the UK economy report, commissioned by UnumProvident and carried out by analysts Oxford Economics, estimates that over 10 million working days were lost due to stress, depression and anxiety in 2005/06.

Unsurprisingly, the report reveals that younger people are least likely to claim and generally as people get older, the percentage of each age group on incapacity benefit due to mental and behavioural disorders increases.  The largest group of claimants are those aged 55-59 years and then the proportion of claimants drops in the 60-64 age category.

Regional findings show that the highest levels of incapacity benefit claimants due to mental and behavioural disorders per head of population were found in urban areas such as Liverpool, Manchester and Glasgow, but not London.

The industries which registered the highest level of mental health related illness was the public administration, education and health sector, whilst the lowest level was found in construction.  In terms of occupation, professionals faced the most stress, depression and anxiety and the skilled trades suffered the least.

 

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Stress highlights need for income protection
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