Debt management may help 'recession depression'
Debt management may help 'recession depression'
- Tuesday, 2 February 2010Debt management may benefit the increasing number of workers struggling with 'recession depression'.
New research by UK debt charity, the Consumer Credit Counselling Service (CCCS), reveals that nearly one in four businesses (23 per cent) claim that the recession has affected employee stress levels, leading to a rise in long term absence rates.
Of the 4,000 people asked if they felt down and hopeless, or if they did not receive much enjoyment out of life, 86 per cent confirmed this was the case, according to the study.
CCCS chairman Malcolm Hurslton said the results indicated the need to tackle debt and depression issues.
"CCCS has become increasingly aware of the emotional toll that the recession is having on people," he said.
"This in turn becomes a vicious circle as the more depressed a person becomes as a result of their money worries, the harder it is for them to deal with them."
The 'recession depression' holds implications for financial institutions, health organisations, and employers, Mr Hurlston added.
Meanwhile, Aviva UK Health reports that psychological issues such as stress consistently rank the highest among the causes of long term absence in the workplace – ahead of musculoskeletal disorders and life threatening conditions such as cancer.
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