Mental Illnesses To Cost Canada’s Economy $20.7 Billion In 2012: Report
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Mental illnesses will cost the Canadian economy about $20.7 billion in 2012, said a new report by the Conference Board of Canada on Thursday, with nearly 452,000 Canadians believed to be suffering from mental problems that prevent them from participating in the labour force.
Mental illnesses will cost the Canadian economy about $20.7 billion in 2012, said a new report by the Conference Board of Canada on Thursday, with nearly 452,000 Canadians believed to be suffering from mental problems that prevent them from participating in the labour force.
“When workers have poor mental health, they have a lessened capacity to perform to their utmost. Sometimes workers with mental illnesses drop out of the workforce completely,” said the Director of Education, Health and Immigration at the Conference Board, Diana McKay.
[quote]“With this loss to the labour supply now exceeding $20 billion a year, employers and governments clearly need to become more aware of mental health issues among Canadian workers and committed to addressing them,” she added.[/quote]According to the report, the loss of potential labour due to mental illnesses is now growing at an annual rate of approximately 1.9 percent, meaning that the annual loss could reach $29.1 billion by 2030.
These estimates of the economic impact also did not include the costs of patient care, insurance for employers, services in communities, as well as the intangible costs for the individuals affected and their families.
As such, the board’s director of leadership and human resources, Karla Thorpe, recommended that employers take an active role to help people stay functional at work despite their mental illnesses; and also called for greater public awareness towards the problem.
“Mental illnesses are prevalent in our workplaces and they are taking a significant toll. In a world where shortages of critical skills are top of mind for many organizations, employers cannot afford to allow this to continue,” Thorpe said.
[quote]“If employers can be active in helping people remain functional at work, then everyone stands to gain – the individuals who are affected, firms, and the Canadian economy as a whole.”[/quote]Related: Bankers in London Need Mental Help
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According to the Conference Board report, the six most common mental conditions afflicting the working-age population are depression, dysthymia, bipolar disorder, social phobia, panic disorder, and agoraphobia.
The Conference Board also noted that all six conditions often ranged in severity – from mild and sporadic to completely debilitating, while each illness would also have a social stigma attached to it.
