Post by Admin on Mar 27, 2024 21:53:39 GMT
THE ECONOMIC AND SOCIAL COSTS OF MENTAL ILL HEALTH
27 MARCH 2024
www.centreformentalhealth.org.uk/publications/the-economic-and-social-costs-of-mental-ill-health/
REVIEW OF METHODOLOGY AND UPDATE OF CALCULATIONS
FREDERICO CARDOSO AND ZOË MCHAYLE
Mental ill health has a devastating impact on people’s lives. This report seeks to calculate the costs of mental ill health on individuals, society and the economy.
This analysis finds that the total cost of mental ill health in England in 2022 was £300 billion. The cost is comprised of three major elements:
Economic costs of £110bn: Losses to the economy due to mental ill health. These include the business costs of sickness absence and ‘presenteeism’ at work, as well as staff turnover and unemployment among people with mental ill health.
Human costs of £130bn: The value, expressed in monetary terms, of reduced quality of life and premature mortality among people living with mental health difficulties
Health and care costs of £60bn: This includes support provided by public services and informal care provided by family and friends.
Commissioned by the NHS Confederation’s Mental Health Network, the report finds that the majority of these costs fall on people living with mental health difficulties and their families (£175bn) through loss of earnings, informal care, a reduction in quality of life, and having to self-fund mental health support.
The overall costs of mental ill health equate to double the NHS’s entire budget in England in 2022 (£153bn). They are similar to the estimated impact of Covid-19 on the UK economy in 2020 (£260bn in 2020 prices) – comparable, economically, to having a pandemic every year.
27 MARCH 2024
www.centreformentalhealth.org.uk/publications/the-economic-and-social-costs-of-mental-ill-health/
REVIEW OF METHODOLOGY AND UPDATE OF CALCULATIONS
FREDERICO CARDOSO AND ZOË MCHAYLE
Mental ill health has a devastating impact on people’s lives. This report seeks to calculate the costs of mental ill health on individuals, society and the economy.
This analysis finds that the total cost of mental ill health in England in 2022 was £300 billion. The cost is comprised of three major elements:
Economic costs of £110bn: Losses to the economy due to mental ill health. These include the business costs of sickness absence and ‘presenteeism’ at work, as well as staff turnover and unemployment among people with mental ill health.
Human costs of £130bn: The value, expressed in monetary terms, of reduced quality of life and premature mortality among people living with mental health difficulties
Health and care costs of £60bn: This includes support provided by public services and informal care provided by family and friends.
Commissioned by the NHS Confederation’s Mental Health Network, the report finds that the majority of these costs fall on people living with mental health difficulties and their families (£175bn) through loss of earnings, informal care, a reduction in quality of life, and having to self-fund mental health support.
The overall costs of mental ill health equate to double the NHS’s entire budget in England in 2022 (£153bn). They are similar to the estimated impact of Covid-19 on the UK economy in 2020 (£260bn in 2020 prices) – comparable, economically, to having a pandemic every year.