People employed within the financial services industry face ongoing stress in the workplace at higher-than-average rates, according to research from mental health organisation SuperFriend.
The organisation’s Financial and Insurance Services Industry Profile report found that 44 per cent of people working within the financial services industry have left a job due to its poor mental health environment.
Additionally, 47 per cent of staff within financial services experience ‘ongoing stress’ from their job, a figure 9 per cent higher than the national average.
SuperFriend chief executive Margo Lydon said financial services staff faced mental health pressure from the competitive nature of the industry and the common dealings with customers enduring difficult circumstances of their own, such as the death of a family member or a redundancy.
However, Ms Lydon added that many employers “have made great improvements to their culture and workplace” by investing in mental health awareness programs and prevention initiatives.
“Employers stand to benefit from improving the mental health of their workplace, with bottom line benefits including greater productivity, talent retention and long-term cost savings,” she said.
“Particularly with financial services businesses, there is a need for greater focus on preventative measures such as mental health policies, training for managers and staff, flexible work arrangements, and recognition programs, which can help to prevent issues from developing in the first place.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all