Details from the fifth annual survey by the Mortgage Industry Mental Health Charter (MIMHC) has revealed a worsening state of mental health among mortgage industry professionals.
And following the publication of the organisation’s 2024 Mental Health and Wellbeing White Paper, they have called for systemic change and greater support for those in need.
MIMHC’s annual survey looks at the emotional and psychological wellbeing of those working in the industry, whilst highlighting areas of concern where improvements need to be made.
The latest results show that 21% of respondents rate their mental health as either ‘of concern’ or ‘poor’, which has increased from 16% in 2023.
Excessive working hours also appears to be a growing issue, with 62% of respondents stating they work more than 45 hours a week, up from 58% in 2023. Additionally, 19% are disillusioned with their jobs and considering their options (15% in 2023).
A growing number of people working in the mortgage sector are permanently working from home(33%), although this has not led to an anticipated improvement in their mental health.
The work/life balance is also a concern, with 39% saying that it has either ‘somewhat worsened’ or ‘greatly worsened’ this year, compared with 24% in 2023.
Respondents (34%) also reported that not enough mental health support is being provided by mortgage companies in their workplace, which has increased from 30% in 2023.
MIMHC co-founder and Group Sales Director at Crystal Specialist Finance, Jason Berry, said: “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 and COO of SimplyBiz Mortgages, Martin Reynolds, added: “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 that the positive promotion of the support they offer - and improvements to this support - are not a one-off exercise.”
