Mental health in financial services: Time to change the story

As Mental Health Awareness Week 2025 takes place from 12–18 May, the theme of “community” invites us to reflect on how we support one another — not just as individuals, but as colleagues, leaders, and teams. For the UK financial services sector, it’s a timely reminder that mental health is not a solo issue. It’s shaped by culture, workplace practices, and the everyday interactions we have with those around us.

In an industry characterised by high-pressure environments and demanding workloads, fostering a supportive community is not just beneficial—it’s essential.

The State of Mental Health in Financial Services

Financial services roles often come with long hours, intense pressure, and high expectations — conditions that can severely impact wellbeing if left unchecked. According to Mental Health First Aid (MHFA) England, 83% of financial services employees have considered leaving their job due to its effect on their mental health, and nearly half have followed through.

A similar trend was highlighted in a 2022 report by Deloitte, which estimated that poor mental health costs UK employers up to £56 billion a year — with the financial services sector being among the hardest hit. Presenteeism (working while unwell), absenteeism, and staff turnover all contribute to this economic loss.

Despite growing awareness, stigma remains. Many employees still fear judgement or career repercussions if they speak up. In fact, MHFA England reports that only 14% of those experiencing poor mental health in financial services have disclosed it to their employer.

Barriers to Seeking Help

There is still a persistent belief within the sector that resilience must equate to silence — that stress is a badge of honour, and that to struggle is to fail. A survey, The State of Stigma conducted by BetterHelp revealed that 35% of British workers avoid seeking help because they fear being judged, while 25% worry it could jeopardise their job.

This silence comes at a cost. Employees who feel unable to ask for help are more likely to burn out, disengage, or leave altogether.

The Business Case for Action

The case for investing in mental health has never been clearer — not just as a moral responsibility, but as a strategic imperative. Deloitte’s research suggests that for every £1 invested in mental health interventions, employers can see a return of £5 or more in improved productivity, retention, and reduced absenteeism.

Forward-thinking firms are already embracing this reality. Initiatives such as mental health training for line managers, employee assistance programmes, and flexible working policies are no longer “nice to have” — they are essential pillars of a modern workplace.

That all said, In 2023 The Banker reported that UK banks are increasingly recognising the importance of mental health, implementing measures to support their employees.

What Good Looks Like: A WIBF Perspective

At Women in Banking & Finance, the importance of mental wellbeing is recognised as fundamental to inclusive and sustainable careers. Through mentoring programmes, virtual events, and networking opportunities, WIBF creates safe spaces for women across the sector to connect, reflect, and support each other.

As a community, WIBF continues to advocate for structural change, encouraging organisations to go beyond surface-level wellbeing campaigns and embed mental health into business strategy and leadership training. Our Personal Excellence Programme (PEP) recognises that professional development goes hand in hand with personal wellbeing. That’s why topics such as mental health, resilience, and workplace wellbeing are embedded throughout the programme — equipping members with the tools to thrive not just in their careers, but in themselves and how to support others.

Steps for the Sector

So how can financial services firms genuinely support mental health — not just this week, but long-term?

1. Build psychologically safe cultures
   Encourage open conversations, train managers to spot signs of distress, and treat mental health on a par with physical health.
2. Invest in prevention, not just crisis response
   Proactive wellbeing initiatives and early support can prevent long-term absence or attrition.
3. Normalise flexible working and boundaries
   The sector must move beyond outdated presenteeism culture and instead measure value by outcomes — not hours at a desk.
4. Empower employee-led networks
   Initiatives like mental health champions, peer support groups, and communities such as WIBF are crucial in breaking the silence.
5. Measure and be accountable
   Track progress using data and feedback and hold leaders accountable for the wellbeing of their teams.

The Way Forward

As the industry evolves, so too must its approach to mental health. Addressing this challenge is not just about offering lunchtime yoga or free fruit — it’s about recognising that wellbeing is a leadership issue, a culture issue, and ultimately a business issue.

If we are serious about retaining talent, improving performance, and building inclusive workplaces, then mental health must sit at the heart of the financial services agenda — not just during Mental Health Awareness Week, but every day.

Let’s move together — for healthier minds, healthier workplaces, and a healthier future for financial services.