Advisers and lenders urged to prioritise wellbeing
As National Carers Week begins, professionals in the mortgage and finance sectors are being encouraged to pay more attention to their own wellbeing, with lack of sleep emerging as a key concern.
At the latest Equality, Diversity and Inclusivity (EDI) “Lunch and Learn” hosted by the Intermediary Mortgage Lenders Association (IMLA), Paul Barrett (pictured), head of wellbeing at the Bank Workers’ Charity (BWC), highlighted a troubling trend: 71% of employees are falling short of the recommended seven hours of sleep each night.
A 2024 report by the Mortgage Industry Mental Health Charter showed that just 9% of advisers manage to get enough sleep consistently. Further research from the BWC found that 60% of banking staff report frequent issues with poor sleep. That figure is expected to be even higher among the industry’s many carers.
Roughly one in eight UK employees acts as an unpaid carer, supporting a family member or friend who cannot cope alone due to illness, disability, mental health issues or substance dependence.
According to BWC’s data, caring responsibilities affect employees across multiple areas of their lives. Sixty-four percent reported social impacts, 49% cited effects on their mental health, and 42% said it negatively influenced their work performance.
Barrett underscored the link between good quality sleep and long-term wellbeing, especially for those managing dual demands at home and in the workplace.
“When we sleep, we consolidate memories, retain information and the brain gets rid of waste matter via the lymph system, so good sleep protects against neurodegeneration,” he explained. “Sleep is also vital for our bodies – when we sleep, we grow muscle, repair tissue and create hormones.
“Poor quality or inadequate sleep is linked to a huge range of mental health conditions as well as physical illness, obesity, strokes, high blood pressure and heart disease. When we fail to get enough sleep on a regular basis, we can struggle to concentrate, our decision making becomes suspect, our memory suffers, and we make more mistakes – which can have serious consequences.”
According to Barrett, poor sleep has contributed to a range of catastrophes such as the Challenger space shuttle explosion, the Chernobyl nuclear accident, and the Exxon Valdez oil spill.
“The evidence is clear: we all need to take sleep more seriously for the sake of our mental and physical health and the quality of our work – and this advice is particularly pertinent for the thousands of carers among us,” he added.
To help tackle sleep-related issues, Barrett shared several tips, including maintaining a consistent sleep schedule, ensuring the bedroom is cool and quiet, avoiding caffeine in the evening, reducing blue light exposure before bedtime, and using techniques like meditation to unwind.
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