The Mortgage Industry Mental Health Charter (MIMHC) calls for systemic change and greater support after its latest survey reveals that the mental health of mortgage professionals has worsened.

The latest MIMHC survey found that 21% of respondents rated the mental health of industry professionals either ‘poor’ or ‘of concern’, which has increased since 16% in 2023.

A trend of excessive work hours was also highlighted with 62% of respondents now working more than 45 hours a week, compared to 58% last year, while 19% are disillusioned with their jobs and considering their options, up 4% from last year’s figure.

Further data shows there has been a 10% increase in the number of mortgage sector employees that are now permanently working from home with that latest figure at 33%.

However, MIMHC says this has not resulted in the anticipated improvements in mental health.

Respondents also suggested that their work/life balance has worsened with 39% saying that this has either ‘greatly worsened’ or ‘somewhat worsened’ in 2024, compared with 24% in 2023.

The survey also found that 34% of all mortgage companies are still not providing mental health support in their workplaces, up from 2023’s figure of 30.

MIMHC co-founder Jason Berry states: “The findings from MIMHC’s 2024 survey are exceptionally concerning as they show that work-related mental health is worsening – and we must take decisive action to stop this.”

“While flexible working arrangements offer some benefits, they are clearly insufficient on their own to address those underlying issues that are profoundly affecting people’s lives.

“It’s become clear that systemic change and appropriate mental health support in workplaces are now essential.”

MIMHC co-founder Martin Reynolds encourages companies to foster “regular mental health conversations within their workplaces.”

Reynolds says: “This year’s response was much bigger than in 2023 so there will be many employees talking about their employer for the first time.

“But even taking this into account, it shows that employers need to ensure that the positive promotion of the support they offer – and improvements to this support – are not a one-off exercise.”

The survey was conducted over a five-week period in March and April.