Stress, depression and anxiety have risen to a seven year high in the financial services sector.
According to research by Legal & General into Health and Safety Executive statistics, the prevalence of stress, depression or anxiety in ‘Financial and Insurance activities’, is at its highest rate since 2004/05 at 1,880 per 100,000 (2011/12).
In 2004/05the prevalence of stress was 1,950 per 100,000 (using the HSE’s central estimate). 2011/12 saw the highest stress levels since this date, seven years earlier.
Legal & General’s internal Group Income Protection claims statistics for 2012 show that 35.8% of all claims are for mental health illnesses. Analysis published recently in Legal & General’s research report, 35cubed,which analyses what has changed for 35 year olds between 1977 and 2012, also showed that 50% of Employment and Support Allowance (ESA) claims by those aged 35-44 are related to mental and behavioural disorders.
Jim Islam, managing director of Legal & General GroupProtection, said: “These figures show that stress is increasing in financial services and should act as a reminder to employers that good quality support for their team is essential to build a resilient workforce. We know that the financial services sector is under pressure to deliver for their clients and that this job is particularly tough in difficult economic times. That’s why early intervention and support is crucial in mental stress situations.
“We’re trying to help advisers by freeing up their time and improving efficiency, that’s why we have introduced a new online quote and buy system for Group Protection policies.”