A new survey released by Royal Philips Electronics (AEX: PHI, NYSE: PHG) shows that the average manager is sleeping 19 percent less than the recommended amount of eight hours a night. The survey, conducted in five countries around the globe, showed that 40 percent of those questioned blame the state of the world economy as the major reason for their lack of sleep.

A vast majority of respondents to the survey (61 percent) say they have had their work impacted negatively by lack of sleep. On average, each estimated 6.2 days per year were impacted by inadequate sleep - costing companies around the globe millions. In the UK for example, 6.7 days per year are impacted by lack of sleep and companies are losing nearly £850 of productivity per manager per year. With 4.3m managers in the UK (1), the cost to the economy could be as high as £3.63bn a year.

"People lose sleep either because they cannot sleep (insomnia) or because they are not setting aside enough time for sleep - both of which can happen because of work-related stress in the current economic environment," said Dr. David White, chief medical officer for Philips Home Healthcare Solutions. "People simply need to take sleep much more seriously."

"Sleep is not optional - it is absolutely critical to people's health," continued Dr. White "The consequences of not sleeping enough are well documented. People who do not get enough sleep can gain weight, are prone to diabetes, high blood pressure and even heart attacks. We are facing a serious healthcare problem if we do not take sleep more seriously."

In addition to the findings about lack of sleep, the survey also found that while 96 percent of managers recognize that inadequate sleep can seriously affect a person's health, only 29 percent discuss their problematic sleep patterns. Of those that do, just 27 percent seek professional help from a physician with the majority simply talking about their problems with family and friends.

Respondents were also polled on their awareness of a relatively common sleep disorder, Obstructive Sleep Apnea (OSA), a condition characterized by the repeated cessation of breathing during sleep. The occurrence of OSA amongst young adults is relatively high. It is estimated that in the UK, for example, over 770,000 people suffer from moderate to severe OSA, with only a fraction being diagnosed.