According to the Money Sickness Syndrome report, published by AXA, as many as nine out of 10 adults suffer symptoms arising from stress over money matters, prompted mainly by the high cost of living, bills and debts. And this number has doubled since the syndrome was first identified in 2006 by GP and mental health expert Roger Henderson, suggesting that the worldwide economic turmoil, worries about job security and the cost of living are taking their toll.
Symptoms of finance-related stress range from increased anxiety, weight gain, depression and sleeplessness, to reduced sex drive, palpitations and a loss of sense of humour.
The whole workforce is affected, although 21% of higher-level managers experience constant stress due to money worries, which is more than any other group, compared with just 9% of skilled manual workers. These managers are also the most likely to take no practical action (35%) to fix their financial problems although just 1% seek the help of an independent financial adviser.
Skilled manual workers and junior managers/administrative staff are the most likely to turn to drink (20% for both) or eat more (21% and 19% respectively) to cope with the stress.
AXA and Henderson also found workers in senior management posts are concerned about mortgage repayments and job losses, more than any other group; middle managers are the most stressed overall, followed by those in supervisor roles and skilled manual workers; and skilled workers head for the doctor to deal with their stress (9%) with 6% taking prescription drugs
Stress is one of the most common causes of workplace absence and is estimated to cost the economy £3.7 billion a year in lost productivity with 24 million feeling anxious and 1.4 million taking time off because of money worries. And while a third of those suffering financial stress do take steps to help themselves, one quarter choose to do nothing.
Henderson said: "People at all income levels suffer Money Sickness Syndrome and the research shows that two thirds of people said they felt their levels of financial stress had worsened in the previous 12 months and almost half believed this would deteriorate further in the next 12 months.
"For some people it may be the issue of making ends meet that is the problem but for others symptoms emerge from worrying about how to maintain a lifestyle that includes school fees and several foreign holidays. Either way they need to take control. The more in control you are the fewer the symptoms you are likely to experience."
Eugene Farrell, AXA head of psychological health and wellbeing, added: "Financial concerns affect all types of employee but is often ignored in the workplace. Employers should think about how they can help employees get to grips with their financial problems before they get out of hand and make them too ill to work."