"55% of mortgage brokers work more than the recommended weekly guidance"
The report explores individual’s current wellbeing and their experiences of working within the mortgage industry. Alongside tracking mental health provision and support available within the industry.
Their objective is to drive new signatories to MIMHC with the overall goal of improving and implementing best practice mental health provision in the finance sector.
The initative's latest report found that more than half of brokers (52%) said there was no mental health strategy in their workplace at all, or that they didn't know of any.
Individually, nearly a quarter (23%) say their mental health is 'poor' or 'of concern', and over half - 55% - are working more than the recommended weekly guidance, with 13% saying they work 60 or more hours a week. A quarter 'never get the recommended amount of sleep in any given week'.
Overall, brokers are moderately happy with their professional contentment. However, those who are disillusioned and considering their options has risen to 14% (previously 10%).
Martin Reynolds, of Charter signatory SimplyBiz Mortgages, commented:
“It is encouraging to see that our sector appears to be making some good progress with mental health provision in the workplace. However, with 52% of respondents still suggesting the workplace environment had not improved proves there is still substantial work needed.
"One of the reasons why we at SimplyBiz Mortgages were keen to join The Mortgage Industry Mental Health Charter (MIMHC) was because of their plans to provide information and support for the industry.
"The charter highlights the challenges that we all can face from time to time, that you are not alone and that there is support and guidance for you. The potential solutions will be in most instances unique to you, but just knowing that other people have been through similar situations to you is very comforting to know."
Nicola Firth of Knowledge Bank, who are also a MIMHC signatory, said:
"It's fair to say that it's been a tough time for brokers. On the one hand there's been a buoyant housing market
providing ample opportunities but against a backdrop of difficult economic times and rate rises. Frustrations on behalf of clients both trying to secure rates and get cases through could well be contributing to stress.
"Of course, some of this could also be attributed to their working environment and the culture within their business. The latter is positive as it’s within the control of the business to make the necessary changes to the workplace to ensure that the working environment and culture is conducive to a “happy” and positive place to be. Sometimes the smallest of changes can make the biggest difference."
