“They have been downsizing all year and the department I was in refused to replace employees who quit. I was working 50+ hours a week and management said we had more than enough staff. The overtime pay was nice, but the stress and lack of advancement opportunities forced me to look for a new job.”
– Banking employee
Clinically reviewed by Chris Mosunic, PhD, RD, MBA, Chief Clinical Officer, Calm
The challenges keep coming for workers in banking. Persistent inflation, economic uncertainty, and new technologies are some of the major factors disrupting the industry. To remain relevant, compete effectively, and continue to grow, banks need to rapidly transform, which creates pressure at all levels of the organization.
For example, despite recent profitability, many banks are under pressure to improve operational efficiency and reduce costs due to declining margins. At the same time, evolving customer expectations and competition from fintechs and nonbanks are forcing banks to innovate faster and accelerate their adoption of AI. As cybersecurity threats continue to escalate, banks must also strengthen their security and technology capabilities.
For banking leaders, these challenges create pressure but also an opportunity to reinvent an entire industry. For banking employees not in positions of authority, they could contribute to heightened stress, anxiety, and sleep challenges due to concerns about branch closures, layoffs, low raises and bonuses, and the need to quickly learn new skills or adapt to new roles.
Work-related challenges are a major source of stress
Unfortunately, workplace stress was already alarmingly high when challenges to traditional banking began to gain momentum, with loneliness, anxiousness, financial concerns, and overwork becoming growing concerns.
A Calm survey on workforce mental health found that more than a third of banking and financial services employees felt stressed and anxious more than half the days or nearly all the time. Nearly half said being overworked negatively affects their mental health, and more than a third said being too busy does the same.
Prolonged stress can lead to serious issues, but workers in the finance sector face barriers to mental health support
Left unaddressed, chronic stress can lead to burnout, reducing work productivity and risking higher turnover. One survey found that nearly half of banking employees reported experiencing burnout in the past year, and 66% said they’d consider leaving if the right opportunity came along.
Unaddressed stress can also disrupt sleep, contribute to a wide range of physical health challenges, and escalate into serious mental health conditions such as depression and anxiety. In fact, a birth cohort study estimated that 45% of cases of depression and anxiety in previously healthy young workers were attributable to job stress.
Unfortunately, finance sector employees often struggle to get the emotional and mental health support they need. Less than half (46%) of financial services professionals said they’d feel confident speaking to their manager about their mental health challenges, suggesting that stigma remains a barrier in the industry. Time constraints are another factor: Nearly 40% of Gen Zers and millennials in the finance industry said they don’t have enough time to care for their mental health.
Finance professionals want more proactive mental health support
While stigma and time are barriers to mental health support, access is less of a factor for banking and financial services employees. In fact, across all industries surveyed by Calm, respondents in the finance sector reported the best access to mental health support tools for stress and anxiousness (40% of respondents). They also enjoy wellness stipends (30%) and mental health days off (30%)—both well above the overall industry averages of 21% and 24%, respectively.
But only 25% of banking and financial services employees said their company offers workshops on resilience or support for stress and anxiety, which lags behind technology, government, and other industries. Facing growing uncertainty and change, it’s unsurprising that 40% of finance sector workers wish their employers would offer this kind of mental health training and support.
Implementing proactive mental health support
In addition to providing resilience training for managers and staff, employers in banking and across financial services can explore the following tactics as part of a proactive approach to workforce mental wellbeing:
- Offer online access to screenings for anxiety and depression symptoms
Digital mental health screenings may enable employees to better understand the potential severity of their symptoms of anxiety and depression so they can get appropriate levels of support more efficiently.
Calm Health, a digital mental wellness solution, offers an online mental health screening that uses questions from the Patient Health Questionnaire 9 (PHQ-9), a screening for depression symptoms, and Generalized Anxiety Disorder (GAD-7), a screening for anxiety symptoms, and can be completed in a minute or two. Upon completion, the user receives recommendations for support based on their screening results and self-reported information.*
- Establish a core set of shared values and model them every day
Organizations that have a successful culture of mental wellbeing start with a shared set of values and expectations that can serve as a guide for employees in their daily interactions. - From the top, make mental well-being a priority and be vocal about it
When leaders, managers, and coworkers use the wellbeing programs and policies in place, employees feel safe using them. And when policies and programs aren’t used or talked about, employees are less likely to use them. Think of group meetings and one-on-ones as opportunities to encourage workers to use available resources and to use their allotted PTO to rest and recharge. - Adopt digital mental wellness resources that can be easily integrated into daily routines without fear of judgment
To help banking employees overcome the time and stigma barriers to mental health support, adopt proactive tools that are simple to access and that offer different formats and durations. Studies show that just 5 to 10 minutes of meditation practice daily can significantly improve mindfulness and buffer stress and anxiety.
Calm Health offers an extensive library of digital evidence-based mental health programs and a wide range of mindfulness resources to support people experiencing stress, anxiety, depression, loneliness, focus issues, and other challenges.
In Calm’s survey, finance sector employees who used the mindfulness resources available in the product reported several benefits compared to their peers who did not use the resources. Those who used the mindfulness programs were- 18% more likely to feel productive;
- 20% more likely to say they can manage their workload;
- 15% more likely to feel supported by their employer; and
- 44% more likely to feel connected to their colleagues.
As banking undergoes fundamental shifts, employers will need to support employees as they navigate workplace change and other work- and life-related stressors. A proactive and accessible approach to mental health can support employees in building resilience and achieving emotional well-being.
*Calm Health’s screening is not a substitute for care by a physician or other healthcare provider. Any questions you may have regarding the care or treatment of anxiety, depression, or other conditions should be directed to your physician or healthcare provider.
