According to the fifth annual survey from the Mortgage Industry Mental Health Charter (MIMHC), this is an increase from 14% in 2023.

Around 41% of those surveyed said that their mental health was excellent or good, a decrease from 44% in 2023.

Approximately 37% said that their mental health was satisfactory, a drop from 41% in 2023.

The MIMHC said the findings were a “stark reminder” that despite “ongoing efforts” to promote positive mental health in the sector, there was a “substantial gap in support and resources available to those in need”.

 

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Overworking and lack of sleep prevalent

The report found that 62% of respondents were working more than 45 hours per week, up from 58% in 2023.

The number of respondents working more than 60 hours per week also rose slightly to 13%, up from 12% last year, while those working 75 hours increased from 2% to 3%.

The proportion of those working fewer than 45 hours dropped to 38% in 2024 from 41% in 2023.

The report stated that 22% said that they didn’t get enough sleep on any night of the week, up from 18% last year.

Only 9% of respondents said that they were getting sufficient sleep every night of the week, a jump from 2% last year.

The MIMHC said that, while there may be occasions for people to work late, it wanted to raise awareness of the “importance of prioritising sleep” when it comes to promoting and preserving mental health.

Nearly a fifth report feeling ‘disillusioned’

Regarding career satisfaction, around 37% said that they were happy with their job, a rise from 29% in 2023.

However, 19% said that they were disillusioned and considering their options, an increase from 15% last year.

Around 41% said that they were either happy or loved what they did, but this is down from 56% in 2023.

“This growing dissatisfaction would seem to be indicative of deeper issues within the industry, including high stress levels, inadequate work/life balance and a lack of meaningful career progression opportunities,” the report said.

On work/life balance, 30% of respondents said that this had somewhat worsened in the past 12 months, an increase from 19%.

Around 8% said that it had greatly decreased, compared to 5% in 2023.

Only 4% said that their work/life balance had improved, a fall from 17% in 2023, and the number of those saying it had somewhat improved contracted from 33% in 2022 to 17% in 2023.

The MIMHC called on employers to “act swiftly and decisively to educate colleagues about the myriad personal and professional benefits garnered from improving this situation”.

The report found that 30% said the most stressful part of their job was the economic environment, with product withdrawals, dealing with client demands and keeping up to date with rate changes making up a combined 45% of total stress.

 

A third say companies don’t offer mental health support

The report found that 34% of respondents said that their company did not participate in any mental health or wellbeing initiatives or strategy, an increase from 30% the year prior.

Around 52% said that their company did have such initiatives, a drop from 52% in the prior survey, but 13% said that they were not aware if their company offered this kind of support.

Approximately 39% said that their workplace’s mental health and wellbeing provision had not improved in the past year, a jump from 26% in the prior year.

Only 32% said that mental health and wellbeing provision had improved, a fall from 48% in 2023.

When asked if their current working arrangements had improved their mental health, 56% said it had stayed the same, a rise from 38% in 2023.

Only 11% said it had greatly improved, a drop from 21% in 2023, and 16% said it had somewhat improved, a decrease from 29% in 2023.

Around 15% said it had somewhat or greatly worsened, which is 3% up on 2023 figures.

When asked what the most important factors for positive health and wellbeing were, 67% pointed to happy relationships and 45% cited fitness and diet and financial independence.

Around 45% pointed to sufficient sleep, and self-esteem was mentioned by 29% of respondents.

 

Findings of poor mental health ‘shouldn’t be a surprise’

Speaking to this publication, Jason Berry, MIMHC co-founder and group sales director at Crystal Specialist Finance, said that it “shouldn’t be a surprise” that mortgage industry professionals are not getting enough sleep and are working longer hours, especially brokers, as the last five years have been “incredibly demanding”.

“If brokers are overworked, and they are not getting enough sleep, then inevitably they’re going to look to exit the sector and find a different sector to work in. So, I think the survey this year continues to demonstrate the risk of burnout, the overworking and lack of sleep.”

He added that the number of those saying that their mental health being poor or of concern was the highest since it launched the survey.

Berry added: “It shows that even though we’ve made progress and are shining the light on mental health with the MIMHC, and I’m humbled with what we’ve achieved over the last few years, it still shows that how we serve the sector, and the proposition we deliver, has to develop.

“Our charter needs to develop so it’s got some proper structure and framework to really make a difference and help those that are struggling.”

Looking ahead, he said the MIMHC was looking to speak more at events, host more online and in-person talks to promote awareness, collaborate with trade bodies and get more broker signatories on board.