Mental health not a priority in financial services, despite surging demand for support

According to a new survey from digital mental healthcare provider, Koa Health – which was taken by over 500 HR managers in companies with over 250 employees – 86 per cent of organisations in the sector experienced an increase in demand for mental health support at the onset of the COVID-19 pandemic.

The increase was reportedly higher than any other sector investigated and 30 per cent higher than the UK average (56 per cent).

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Despite this, including the fact that 80 per cent of UK organisations in the industry increased the level of mental health support since the pandemic began in 2020, over one-third (36 per cent) agree that culturally mental health support is not a priority for their organisation.

“HR Managers in the finance industry have taken promising early steps to protect the mental wellbeing of their employees. However, it is concerning that with such a high demand for additional support, many financial services organisations still do not see mental health as a cultural priority at their organisation,” Koa Health chief executive, Dr Oliver Harrison, said.

“As UK employees consider returning to the office, the finance industry must continue to build on the progress it has made in response to the pandemic.”

It comes just a week after AIA Australia’s Australian Financial Advisers Wellbeing Report – which surveyed over 700 local advisers – found that 73 per cent are experiencing high levels of burnout from stress while 67 per cent experienced some level of depression.

A further 61 per cent of survey respondents reported trouble sleeping as a result of stress, while around a third of advisers who participated in the report said they were seeing a medical professional to manage their mental health issues.

Meanwhile, new ASIC chair Joe Longo said during a Senate committee this week that addressing “regulatory overload” on the Australian financial advice sector will be a priority.

“…I am concerned about this sector,” Mr Longo said.

“I think it’s really important that consumers have access to affordable advice, to financial services advice.”