Fin services must reduce mental health stigma
Speaking at the MetLife discussion panel, Margo Lydon, SuperFriend chief executive officer said the financial services industry needs to have an open conversation about mental health to reduce stigma.
“With a quarter suffering high stress and a third concerned about job security, financial services workers are a vulnerable group,” Lydon said.
“People need to be able to talk about what’s going on, they need support from leadership, and leaders themselves need training and resources.”
Superfriend’s SuperMIND research also showed over a five-year period claims related to suicide collectively cost the industry over $200 million per annum, with an average cost per claim of $120,410.
Insurers and super funds were seeing an increase of mental health claims, but were advised not to overlook the wellbeing of their own people.
Mark Raberger, MetLife chief claims officer and panel facilitator, said training is important to help employees protect their own mental wellbeing.
“At MetLife, we’ve seen a substantial increase in Mental Health claims, with 25 per cent of our Income Protection and 21 per cent of our total and permanent disability claims having a primary mental health-related cause,” Raberger said.
“This has effectively doubled over the past six years and it is likely to continue to increase if we don’t take action.”
AUTHOR
Chris Dastoor
Recommended for you
While crypto continues to gain traction among investors globally, improving accessibility for financial advisers is key to helping them serve the demand from younger clients, but there are some barriers still hindering adoption.
Investment platform Praemium has reported strong 2024–25 financial year results, with large increases across a range of business metrics, which it credits to the firm’s strategy and high-net-worth focus.
Alternative investment manager Regal Partners has set a target of doubling its offshore funds under management within three years amid strong inflows from offshore investors in the first half of 2025.
Fitzpatricks Advice Partners has formed a strategic alliance with two chapters of a global business support and networking organisation, expanding its offering for the firm’s advisers.
