Nearly half (48.8%) of all finance workers feel their mental health is in decline
According to the latest study by the UK’s leading independent job board, CV-Library, nearly half (48.8%) of finance professionals feel their mental health is worse than it was a year ago.
The job board surveyed 1,300 UK professionals in an effort to ascertain how the global pandemic has impacted the wellbeing of the nation’s workforce; with finance workers naming the following concerns as having the biggest impact on their mental health:
- Worrying about not being able to find a job (53.8%)
- Experiencing financial difficulties (38.5%)
- Feeling isolated when working from home (35.9%)
- Worrying about the health and wellbeing of friends and/or family members (30.8%)/Having a poor work-life balance (30.8%)
- Worrying about the spread of Covid-19 (23.1%)
Unsurprisingly, these worries are mostly in line with the concerns felt by the rest of the nation. However, it appears that finance workers are more worried about feeling isolated when working from home. This bucks the national average, as most UK workers didn’t include this in their top five worries.
Lee Biggins, founder and CEO of CV-Library comments: “The last seven months has been filled with a great amount of uncertainty and it’s understandable that so many finance professionals feel their mental health is suffering. Businesses need to be aware of these challenges and ensure they’re offering support to employees who may be struggling.
“What’s more, it’s no surprise that worrying about finding a new job is one of the biggest concerns for those in the finance industry, as many individuals have been made redundant and employment opportunities have been scarce. While the UK job market may take some time to fully recover, it’s important to remember that the situation is already improving. In fact, as time goes on, we’re seeing more job postings being added to our site every week.”
The study also reveals that 37% of finance employees feel their work-life balance is worse than a year ago with a further 55% stating working from home as the main reason for this.
In addition to this, nearly two-thirds (62.5%) of the individuals surveyed admitted that they would look for a new job in order to secure a better work-life balance. This is unsurprising, given that a whopping 90% of finance professionals are concerned about their physical and mental well-being due to a poor work-life balance.
Biggins continues: “The government has once again recommended that professionals should work from home where possible. While this may be good news for some, those who struggle to find a healthy work-life balance will be dreading the next few months.
“As an employer, you have a duty of care to keep your employees safe and to protect their mental health. It’s vital that you encourage team members to take regular breaks and to only work during their normal hours. You should also consider sharing resources and tips that can make working from home easier. This should enable your employees to safeguard their mental health, and hopefully prevent staff from looking for opportunities elsewhere.”
