Workers walk in the City of London, Britain, September 21, 2018. Picture taken September 21, 2018. (Reuters)

A survey conducted by French insurer AXA and UK thinktank CEBR revealed on Wednesday that almost half of British workers are at risk of burnout, costing the British economy estimated £28 billion ($34 billion) losses in 2022.

The results were part of a global survey conducted in 16 different European, Asian and American states.

A total of 30,000 individuals were surveyed in the study.

Owing to unbearable levels of stress and axiety that are further fueld by the cost-of-living crisis, the study found that British workers demonstrated significant levels of work-related stress, with 21% of Britons surveyed were classed as "struggling" or in emotional distress.

It says that the British economy had lost a total of 23.3 million sick days in 2022.

"Burnout and work-related stress is a significant issue for the UK economy," the study concluded.

The US was ranked second after the UK with 17% of workers reporting they are "strugling," followed by Japan and Ireland (both 14%), then Belgium (11%), and China and France (both 10%).

The study further indicated that 26% of its workforce was "languishing", or not in a positive state of mind.

"People in the UK are more likely to be struggling with their mind health compared to any other country surveyed," the study said. "This means almost half of the UK are currently not in a positive state of mental wellbeing and at risk of burning out, which is having a significant impact on the economy and businesses."

The UK's cost-of-living crisis was identified as a major reason for work-related stress as inflation is cutting down the value of normal wages.

Data shows that nearly half of the surveyed British workforce said they feel "overwhelmed and uncertain" about the future.

Financial worries have cost the UK economy up to £6.2 billion in sick and lost productivity, the report shows.

However, the data did point out some improvements with regards to "a decline in the stigma associated with having a mental health condition" and an increase in respondents with "very good" mental health in comparison to previous years.

AXA UK chief executive Claudio Gienal told AFP that findings of the study "show that not only does [the economic situation] have an impact on these individuals, it also comes at a huge cost to the economy and society as a whole."

"There are positive signs... but it's clear that more needs to be done to support people at work and in their everyday life," he added.