Research has shown that childhood mental illness can have a life-long impact, costing employers up to PS24bn per year, and future employees more than PS1tn of lost earnings over their lifetime.
A stark warning was issued by the Future Minds Campaign, a collaboration of the Centre for Mental Health and Centre for Young Lives with support from the Prudence Trust.
It has been warned that the cost of poor mental wellbeing is holding back growth plans for the government through reduced tax revenues and increased spending on benefits.
The knock-on effect of childhood mental illness costs employers PS24bn in lost productivity and an incredible PS1tr per individual in lost earnings.
It added that the cost of mental illness between a referral and support for young people is now 295 million pound sterling per year.
A lack of capacity means that too many young people are reaching crisis points, which puts pressure on the emergency, urgent, and crisis services. This strains bed capacity and creates long waiting times.
The campaign stated that the costs of persistent absences from school, which mirror the increase in mental illness, were PS1.17bn for the 2023/24 academic year.
Future Minds calls for an increase in investment to support mental health so that 70 percent of the diagnosable needs are met by mental services within this parliament.
The report also called for greater investment in services provided by the community, including mental health support teams as well as open-access hubs to intervene early on and prevent mental illness from getting worse.
Andy Bell, CEO of the Centre for Mental Health said: “Mental Health difficulties in children, adolescents, and young adults cast a shadow that can last for a lifetime if the right support is not provided.
“Yet, children and young people’s services are underfunded and levels of distress have increased markedly. This leaves many thousands of kids facing unacceptable long waiting times for help.”
“Risks and gaps are greatest for young people who are most marginalised and disadvantaged.”
The government must and can act immediately to change the situation. Bell said that by investing in mental health services for children, the government could ensure the mental well-being of a new generation of youth.
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