Britons Are Richer, But Not Happier

By: EW News Desk Team   Date: 1 February 2012

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EW News Desk Team

Always on the look out for the latest news to monitor the state of the world economy.

EconomyWatch, News Desk Team

 

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01 February 2012

Can having more money make you happier? A report from Britain thinks otherwise: Britons have become richer in the last 60 years but they are also more stressed.

According to a recent report by the Chartered Institute of Personnel and Development (CIPD), Britons are a lot more stressed from work, citing longer working hours and a rise in unemployment as the key causes.

Furthermore, the report claims that the number of households without a single source of income has increased from 4 percent in 1952 to the current 18.8 percent.

With the threat of unemployment an underlying concern even in good times, people do not seem much happier about their working lives and many exhibit the symptoms of work-related stress, said Dr John Philpott, chief economic advisor for the CIPD.

The report also noted that the workforce is a lot more productive, with a higher female-labour participation rate.

Related News: Guess Which EU Country Puts In The Longest Hours At Work?

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In November last year, the AFP reported that psychologists in London were reporting a higher rate of depression, insomnia and stress-related problems, especially among bankers.

The phenomenon came to light when Antonio Horta-Osario, chief executive of bailed out Lloyds Banking Group, took an abrupt leave of absence citing fatigue woes.

Related Story: Bankers in London Need Mental Help

According to a survey by recruitment consultants Badenoch & Clark, the happiest workers were found in the law, healthcare and education industry. On the other hand, the least happy workers came from the IT & telecoms, travel and transport, and retail industry.

Neil Wilson, managing director of Badenoch & Clark commented:

Wherever possible, employers should capitalise on the greater feelings of optimism and happiness amongst their workforce by looking to enhance employees' current roles. Retention strategies should top the agenda. Tactics such as reinforcing appropriate company behaviours in line with your company values, providing interesting and challenging work and rewarding and recognising individuals fairly, should be employed to persuade workers to remain with you for the long term.

Related Story: Are Corporate Values Still Relevant, or Clichéd?

Related Story: Development, But At What Price? Lessons from the Happiest Place in Asia

In Pictures: The 10 Happiest Countries in the World


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