Keep pulling the thread on Bloomberg Businessweek.
Proactively addressing mental health challenges related to major life events could save the economy $42 billion per year, according to a study by the Center for Economics and Business Research.
Poor mental well-being related to major life events results in a global loss of 1.7 billion workdays each year.
An estimated $636 billion in productivity is lost globally each year due to poor mental well-being stemming from major life events.
Approximately 10% to 15% of the working population experiences a major life event, such as divorce or bereavement, in any given year.
The estimated $636 billion in lost productivity due to mental health challenges represents less than 1% of the global GDP.
The Australian government's Medicare program covers a portion of the costs for accessing mental health treatment.
Australia's public funding model for mental healthcare allocates funds directly to the patient, allowing them to choose their own provider.
In contrast to Australia, many European and UK countries allocate public funding for mental healthcare through contracts held directly by service providers.
The COVID-19 pandemic and its disruption of traditional working practices has placed mental health at the forefront of workplace conversations.
The focus on mental health within corporate and economic discussions is expected to increase over time.