New Report from the Society of Actuaries Research Institute Evaluates Mental Health Impact of COVID-19 Pandemic Among U.S. Adults

Prevalence of mental illnesses among U.S. adults increased significantly since onset of COVID-19 pandemic, according to new report from the Society of Actuaries Research Institute.

 Schaumburg, IL, Dec. 15, 2022 – A new mortality report from the Society of Actuaries (SOA) Research Institute found that the COVID-19 pandemic led to far-reaching impacts on the mental health of U.S. adults. The report, “Mental Illness and Its Impact on U.S. Mortality and Longevity”, examines the prevalence of mental illness from mid-2020 to mid-2022. The report also examines the short-term and long-term socioeconomic and demographic effects on mortality and longevity.

The report cites that “U.S. adults reported significant increases in symptoms of anxiety and depression” due to the onset of the pandemic. This report evaluates research trends based on survey and mortality data from the Centers for Disease Control and Prevention and other U.S. agencies. By June 2020, the prevalence of symptoms of anxiety or depressive disorders increased by nearly three times the number reported at the end of 2019 (37.8% vs. 11.3%), according to data from the National Center for Health Statistics. By May 2022, this figure remained high at 30.8%. Key findings about possible drivers of this include:

• Job Disruption: The pandemic had a significant impact on loss of employment, especially on younger demographic age groups. For example, according to the U.S. Census Bureau, in April 2020, the employment-to-population ratio was 69.5 compared to the expected ratio of 81.1 for younger individuals under the age of 70. The prevalence of anxiety and depression symptoms was also higher among younger individuals, and more prevalent in females than males, which may be driven by a disproportionate impact of job loss or deciding to leave the work force to be a caregiver. Additionally, survey data indicates healthcare and frontline workers reported higher rates of mental illness than the general population during the pandemic.
• Demographic Variations: The CDC Household Pulse Survey revealed non-Hispanic races and individuals identifying as multiracial had the highest rates of anxiety and depression. Non-Hispanic Black and Hispanic or Latino also had rates of anxiety and depression higher than the national average. The prevalence of anxiety or depression for adults with a disability was more than double the prevalence for adults without a disability.
• Relationship with Physical Health: The impact from mental illness on an individual’s mortality can be caused by acute or chronic drivers. Acute drivers include suicide and drug overdose. Drug overdose deaths rose 30% in 2020 and then an additional 15% in 2021.

“The impact of the COVID-19 pandemic on mental health is widespread, and while difficult to measure directly, it’s clear frontline workers and young adults from minority populations bore the brunt of its impacts over the last two years,” said R. Dale Hall, FSA, MAAA, CFA, CERA, Managing Director of Research, SOA Research Institute. “As we, as a society, look toward solutions and support in addressing mental health, the increase in utilization of telehealth services can create growing solutions to the gaps in access to mental care.”

In addition to the increase of anxiety and depression symptoms, changes were also seen in the treatment of mental illness during the pandemic. Individuals receiving therapy or counseling and/or medication to help with emotions, concentration, behavior, or mental health increased from 19.2% in December 2019 to 25.2% in December 2020, as reported in the aforementioned Household Pulse Surveys. Since in-person care was limited or modified (to include personal protective equipment and social distancing), the use of telehealth services for mental health increased to 40% at its peak, compared to a peak of 11% of total outpatient services conducted via telehealth.  

For more information on the Society of Actuaries Research Institute, and to read the full report, visit www.soa.org and www.soa.org/resources/research-reports/2022/2022-mental-illness-us-mort-long/.

About the Society of Actuaries

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 32,000 actuaries as members. Visit soa.org.

About the SOA Research Institute

Serving as the research arm of the Society of Actuaries (SOA), the SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. The Institute provides trusted knowledge, extensive experience and new technologies to help effectively identify, predict and manage risks. https://www.soa.org/research/research-institute/