Brokers worked more hours, under greater stress, with little company support throughout the pandemic, according to a report from Crystal Specialist Finance.
Around 17.5% of advisors said their “mental wellbeing” was an issue of concern, up from 7% in August 2020, says the specialist distributor’s second Health and Wellbeing Survey for the intermediary sector.
It also found that those working over 45 hours per week increased to 66.2% from 62.1% a year ago.
The government’s Working Time Directive states that staff should not work more than 48 hours a week on average, certain jobs aside, over a 17-week period.
Exemptions include such jobs as the armed forces, the emergency services, seafarers and domestic servants.
The survey also found that 73% of brokers said their company did not participate in any mental health or wellbeing initiatives, and 10% of those asked said that all sick days taken in 2020 were due to mental health issues.
However, despite lockdown restrictions and increased workloads half of all brokers said they were “moderately happy with how things are going”, with just over a quarter adding they “happy with how things are going”.
CSF group sales and marketing director Jason Berry says: “While we are all very aware that the market is very busy right now and the survey comes on the back of a tough lockdown winter, businesses and individuals must realise that the lack of a proper holiday and excessive working hours can have a detrimental effect on their lives and livelihoods.”
Berry urged company owners, directors and managers to “look how the last 12 months has changed working practices and consider what can be done to push mental health to the fore.”
Around 95% of those taking part in CSF’s biannual survey were directly authorised mortgage brokers and appointed representatives, with the rest composed of professional introducers, such as accountants and solicitors.
The survey comes at the start of Mental Health Awareness Week, from 10 to 16 May, run by the Mental Health Foundation. The body’s website provides resources, top tips, as well as a Q&A page.
