The Mori survey was carried out for the European Depression Association (EDA) in Britain, Germany, Italy, Denmark, Turkey, Spain and France. Those in Britain, Denmark and Germany were most likely to be off work because of depression. A British expert said support for people with depression was improving.
Overall, 20% of the 7,000 polled had received a diagnosis of depression at some point in their lives. The highest rate was in Britain, where 26% had been diagnosed and the lowest in Italy, where the figure was 12%.
Among workers experiencing depression, those in Germany (61%), Denmark (60%), and Britain (58%) were most likely to take time off work, while those in Turkey were the least likely (25%). Researchers have previously estimated the cost of depression at €92bn (£73bn) in 2010 across the EU, with lost productivity due to time off or under-performance accounting for most of the costs.
An average of 36 days were taken for the last episode of depression - but figures ranged from 41 in Britain to 23 in Italy. Across the countries surveyed, one in four of with depression said they did not tell their employer. One in three of them said they were worried it could put their job at risk. A third of the 792 managers surveyed said they had no formal support in place to help them deal with employees experiencing depression.
Dr Vincenzo Costigliola, president of the EDA, said: "The results of the survey show that much needs to be done in raising awareness and supporting employees and employers in recognizing and managing depression in the workplace." We ask policymakers to consider the impact of depression on the workforce and charge them with addressing depression and workers and workplace safety."]
Now the consequences of the economic collapse are beginning to surface & they present very real issues that need to be identified early on before they manifest into a systemic problem that sabotages a nation’s ability to rebuild or even to simply function as a society. The impact of the ‘reversal of personal fortune’ the global depression has created for every single citizen across all income brackets & social status varies from person to person, but impacts them all in their own way. Imagine those who have worked for multiple decades, drafted a solid retirement plan, followed it diligently to ensure its success, only to watch the economy flounder & their employer make draconian adjustments to their pension they have paid into for decades in order to protect their profit margins of the company moving forward. This exact scenario has already played out for millions of pensioners & has thrust them into panic as they are now perilously teetering on being unable to simply survive with the forced reduction in their fixed income they depended heavily upon in their retirement. I could only imagine for those who have left the workforce, & are in no condition to re-enter it, and had the pension rules changed on them as they enter the end zone of retirement this could very well be a depressing crisis as they are scrambling for solutions to fund the rest of their lives with no plausible solution in sight. That would be scary for anyone, much less someone who is no longer a ‘strapping young lad’ that can simply work for another decade to fill the void.
Then there are those who are still in the work force, but are within a decade of their retirement mark & are faced with the realization that they will not quite be able to reach the monetary milestones they needed to complete to properly fund their retirement goals. This also can send an employee into an emotional tailspin as they begin to panic when the realization that they have little to no options to makeup for the economic set backs they have suffered in the recession in time to comfortably retire. On the other end of the employment spectrum we have millions of college students, who have upwards of $100,000 worth of student loan debt tied around their necks, that are unable to find a job as the candidate pool is overflowing with millions of unemployed citizens happy to take any job they can find. While these people are young & have a considerably longer period of time to engineer an economic strategy to pursue in order to ensure they are able to retire, the path ahead of them certainly seems daunting & the options appear bleak at best. There are many examples that can be given to illustrate & validate this new phenomenon in the modern world, but I think we all have either experienced this issue ourselves or know someone who has themselves since the economic collapse has certainly touched all of us.
The implications of this emotional rollercoaster can reach far and wide when you consider society as a whole. When individuals are emotionally depressed, as the possibilities in the world around them seem bleak at best, they tend to care less about other aspects of their lives that used to register quite high on the ‘hierarchy of needs’ before the reversal of fortune. Signs of this disenfranchisement begin to surface & complicate other aspects of their lives. People are dazed & confused by this new normal and their work ethic begins to suffer which can produce unsafe working conditions. Family crisis rise in frequency as their ability to cope with stressors is exhausted by constant exposure to stressors. Crime levels rise as those desperately seeking remedy for their personal reduction in living standards give up and resort to less than legal methods to supplement their budgets. Road rage rises and fatal traffic accidents elevate to worrisome levels as people are less than attentive when driving & often times become aggressive when behind the wheel of a 2 ton hunk of metal. One thing that only assures that this condition worsens is the fact that everywhere we turn we are told the economy isnt bad & has been in a recovery since June of 2009 which only serves to further complicate the issue because it stands in stark contrast to what they are experiencing in their life.
There are profound consequences from the collapse of the fiat credit bubble back in 2007/08 that are beginning to surface & will continue to expand moving forward. It is worth bringing attention to this crisis now as it will serve as a reminder that we are all in this together & need to look to our neighbors & families for support. The continuous denial of the depression we are in will only help to complicate the issue as people struggle with comprehending why their financial world has collapsed & everyone else is supposedly doing ok? ITS NOT OK! We have witnessed the federal reserve launch the apocalyptic dollar destruction currency war nuclear option of ENDLESS MONEY PRINTING which has now signaled to the other central banks of the world to load their missile silos & they are already returning fire with a barrage of currency war retaliatory attacks. This currency war is a race to the bottom for all nations & the wealth of world will be destroyed as the central banks try to protect their nations export markets. The end result will be a global reduction in the standard of living as costs rise at an ever accelerating rate while we watch the currencies of the world gutted of their value in the currency war. People will struggle and stressors will rise. Things are going to get much worse before they can ever get any better. We haven’t even seen the full impact of the money that has been printed thus far as it has been strategically suspended in the upper echelons of the worlds mega banks to solely help them & has yet to make its way to main street where the inflation takes hold and yet they are announcing unlimited printing moving forward. Take notice of the currency war and prepare for currency destruction by establishing a “Currency War Insurance Policy” with physical gold & silver bullion before its too late. It is a far better strategy to PREPARE your portfolio than to attempt to REPAIR it once the damage from QE3 has begun. Tick, tock.