Speaking on the findings at Mortgage Vision, Andrew Montlake, chief executive of Coreco, said 536 people had taken part in the 2026 survey, raising an important question about whether the industry itself was becoming healthier or whether employees had simply become better at managing workplace pressures.
More than half (53%) of respondents rated their wellbeing as good or excellent, up from 41% in the previous survey.
Meanwhile, the proportion describing their wellbeing as poor or concerning fell from 22% to 15%.
However, Montlake cautioned that improvements in wellbeing scores should be viewed in the context of ongoing workplace pressures.
“Mental wellbeing is showing signs of recovery, but many of the conditions that create burnout have not gone away. And so progress is real, but it’s not yet widespread,” said Montlake.
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Recognising progress but addressing discrepancies
The survey also found that progress has not been experienced uniformly across the industry.
While 29% of respondents said their wellbeing had improved over the past 12 months, almost half reported no change and 24% said their wellbeing had worsened.
Montlake noted that nearly three-quarters of respondents had either seen no improvement in their wellbeing or felt it had deteriorated, suggesting that further progress is needed.
He added: “We should recognise the progress without being complacent.
“Our ambition has to be greater than simply reducing the number of people struggling.”
Support becoming less visible in the workplace
The findings also pointed to a decline in the visibility of mental health support initiatives within firms. Last year, 70% of respondents said their employer participated in mental health and wellbeing initiatives, compared with 53% this year.
Similarly, the proportion of respondents who felt workplace support had improved fell from 47% to 35%.
Montlake said this did not necessarily mean employers had withdrawn support altogether, but suggested that employees were looking for more practical and visible measures to help manage workplace pressures.
According to the survey, respondents highlighted the importance of open conversations, meaningful support, improved workload management, confident leadership and greater assistance for those working alone.
Montlake said: “We all need to be more deliberate about connection, ensuring regular human contact, managers who actually pick up the phone, and a culture where people feel part of something, rather than simply locked into it, is essential. ”
Looking ahead, he argued that the sector had largely succeeded in raising awareness of mental health issues and should now focus on embedding wellbeing into day-to-day business operations.
He said the next phase should centre on visible leadership accountability, healthier expectations around workload and recovery, better-equipped managers, stronger workplace connections, flexible working arrangements and clear access to professional support services.
