Over a third of UK finance companies agree mental health is not a cultural priority

Over a third of companies in the UK finance industry agree mental health is not a cultural priority within their organisation.

This comes following a survey conducted by Koa Health of 500 HR managers in companies of over 250 employees.

The report also found that 86% of organisations in the UK finance industry experienced an increase in demand for mental health support. This increase was higher than any other sector investigated in the survey and is 30% higher than the UK average.

To combat the rise in demand for mental health support, 80% of organisations in the finance industry have increased the support they offer. HR managers also spent, on average, an extra 11-20 hours more each month on mental health support for employees, compared to before the pandemic.

A result of this increased demand is that 77% of organisations plan to increase the level of mental health support they provide over the next three years.

Some of the other findings include, only 27% of HR managers believe the majority of employees will remain predominantly working from home, 39% believe it is harder to assess mental wellbeing with remote workers and 36% agree working from home has made it easier for people’s mental health to “fall through the cracks.”

Koa Health CEO Oliver Harrison said, “HR Managers in the finance industry have taken promising early steps to protect the mental wellbeing of their employees. However, it is concerning that with such a high demand for additional support, many financial services organisations still do not see mental health as a cultural priority at their organisation.

“As UK employees consider returning to the office, the finance industry must continue to build on the progress it has made in response to the pandemic.”

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.