The Mortgage Industry Mental Health Charter (MIMHC) reveals in its Mental Health and Wellbeing Survey 2023 that 58% of companies provide brokers with support – up from 54% last year.
However, 42% don’t – demonstrating there is still a long way to go to normalise mental health provision in the industry.
The survey also finds that brokers are overworked – 46% now work between 45/60 hours per weeks which is up from 42%.
One cause for concern is the fact that 12% of respondents still maintain that they are working more than 60 hours weekly.
Nor are brokers getting enough sleep. 18% don’t get enough sleep on any night of the week – a fall from 27% last year. Only 7% are sleeping like babies every night of the week, up just 2% on 2022.
There has been no change in data relating to professional contentment. Some 44% are still disillusioned/ moderately happy with their situation. While the majority (56%) are happy with their role.
A happy relationship with their partner remains the top selection and increases from 65% to 69% in 2023. Enough sleep and rest overtakes financial independence in second place this year with fitness and diet coming in third, emphasising a more personal well-being focus in 2023. (Sleep and rest had been 3rd in 2022).
The survey also shows that 16% of respondents believe their mental health is ‘poor’ or ‘of concern’. This is markedly down from a 23% result in 2022 but continues to highlight the need to support significant number of individuals in the sector.
Work/life balance is improving. Although a blend is still evident, hybrid working is up to 37% from 27% in 2022 and nearly one in four respondents now work permanently from home.
As a result, 17% think their work/life balance has improved – up from 8% last year. Only 24% believe it has worsened which is down from 30% in 2022.
Crystal Specialist Finance group sales director and co-founder of MIMHC Jason Berry comments: “Overall levels of contentment remain similar to 2022 and frustratingly suggest only marginal progress has been made.”
He adds: MIMHC’s main aim over the last 12 months has been to encourage companies to incept mental health or well-being initiatives and although it is encouraging to see 58% of respondents now indicate something is in place, the results continue to demonstrate our sector has a lot of work to do. Too many people continue to suffer in silence with zero support.”
