Economic uncertainty affecting mental health of mid-market business leaders, new study finds

New data from leading business and financial adviser Grant Thornton UK shows that almost two thirds (61%) of mid-market business leaders say the uncertain economic climate is negatively affecting their stress levels and mental wellbeing.
Michael Crossland
By Michael Crossland
Published 16th May 2023, 16:45 BST

Grant Thornton’s bi-monthly Business Outlook Tracker research, which polls mid-market business leaders, showed that economic optimism plummeted -7 percentage points (pp) since February 2023, 3pp below the rolling average since the research began in 2021.

Leaders’ confidence in the funding position of their businesses has also taken a hit, dipping -11pp since February, -6pp below the rolling average.

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Andy Wood, managing partner at Grant Thornton UK LLP in Yorkshire, said: “Leading a business is a high pressure, high intensity role even in the steadiest of economic climates.

Almost two thirds of mid-market business leaders are suffering with mental health due to economic uncertainty, a new study by Grant Thornton UK has found.Almost two thirds of mid-market business leaders are suffering with mental health due to economic uncertainty, a new study by Grant Thornton UK has found.
Almost two thirds of mid-market business leaders are suffering with mental health due to economic uncertainty, a new study by Grant Thornton UK has found.

"Whilst leaders have demonstrated remarkable levels of resilience over the last few years, this research shows that the ongoing pressures of managing the uncertainty are having a negative effect on wellbeing.”

The tracker showed that nvestment in wellbeing and mental health is an increasing priority for mid-market business leaders.

Around two thirds (65 per cent) intend to increase their investment in mental health in the coming year (up +14pp from 2022).

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63 per cent say mental health forms a key part of their inclusion, diversity and wellbeing strategy, up from 51 per cent in 2022.

Employers’ awareness of the importance of investing in mental health has led to an increased number of businesses offering counselling, training, providing mental health first aiders and checking in with their people more regularly.

Mr Wood added: “Whilst our study looks specifically at leaders of mid-market businesses, wellbeing is vital to productivity for all employees.

"Having a mentally healthy workforce at all levels of the business isn’t an optional extra, it’s a commercial imperative.  Healthy people are better able to respond to stress and pressure, which is why it’s vital that employers invest in wellbeing and mental health support for their people and for themselves.”

Censuswide (on behalf of Grant Thornton UK LLP) surveyed 608 senior decision makers in UK mid-market businesses between 4 – 17 April 2023.

Related topics:Andy WoodEmployersGrant ThorntonYorkshire