the adviser logo

Finance workers more prone to mental illness, says expert

by James Mitchell6 minute read
Mental illness

A leading figure in mental health issues in the workplace has revealed some alarming numbers about the levels of depression in Australia’s finance sector.

According to Pedro Diaz, a world-leading authority on workplace mental health and founder of the Workplace Mental Health Institute, 50 per cent of people will experience a mental health issue at some point in their life.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

“This is a big number and it means that many of us are struggling to deal with things that are happening in our life,” Mr Diaz said.

“The major part of our work is going into organisations and teaching management how to communicate effectively so the mental health of the workforce is improved, protected and immunised.”


Some industries have higher levels of mental illness than others. Mr Diaz told The Adviser that the financial services sector has one of the highest rates of depression in Australia.

“About 33 per cent of people in the finance industry have been identified as potentially having depression. That’s huge compared to the national average of 6.4 per cent,” the authority said.

“We need the finance industry, but there are certain parts of it that are questionable in terms of the psychological reward for workers.”

Mr Diaz explained that while many people working in the finance industry are well paid, they don’t often see the results of their work.

“If you were a farmer and growing wheat, you can watch it grow and be processed into flour and then see the flour be made into bread. There is a tangible series of events that can give you satisfaction.

“When you are dealing with finance, it can be hard, because what are you creating? We need to know that what we do matters.”

Broker launches mental health program

After suffering an anxiety attack earlier this year, award-winning mortgage broker Tracy Kearey decided to launch a mental health program to support her staff.

The Brisbane-based director of Home Loan Connexion said that she wanted to make sure that anyone suffering from stress, anxiety or mental health issues had an appropriate outlet and support system.

“We all have stresses,” she said. “I have had some stress recently and ended up with what I thought was a heart attack, but it turned out to be anxiety. It just made me stop and realise that it was very important that people know that they have somebody to talk to.

“You don’t always want to talk to a colleague or your boss, so we’re bringing in a mental health program that partners with different people who will offer some more services to our broker group.

“In my experience, if there is somebody available to speak to, it can just change your day and make it that little bit more manageable.”

Sam Makhoul, managing director at MSA National and a workplace wellness advocate, said that writing in a diary, deep breathing, exercise and meditation are rituals that brokers can undertake to achieve a “motivational” life that is filled with “exciting achievements and exciting people”.

[ELITE BROKER PODCAST: Tracy Kearey on mentoring, mental health and management]

Finance workers more prone to mental illness, says expert
mental illness brain ta
TheAdviser logo
mental illness brain ta

James Mitchell

James Mitchell


James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.


You need to be a member to post comments. Register for free today


mark lewis fast ta llosc4

In Memoriam: Mark Lewis, 1963–2022

Mark Lewis passed away on Saturday (13 August). Mr Lewis was a well-known identity in the third-party broker...

anthony waldron mortgage choice ta ithtxm

Broker expertise key for securing right loan: Mortgage Choice

The data, which is derived from a June survey of 1,002 broker customers and conducted by Honeycomb Strategy,...

Mark Bouris new ifa

Brokers need to focus on the ‘value-add’: Mark Bouris

With competition among brokers increasing as the number of brokers rises – coupled with the fact that fewer...

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more