RC took its toll on fin services workers



It seems as if the Royal Commission has taken its toll on the financial services industry, with over a quarter of industry workers experiencing extreme levels of stress, and just one in eight highly engaged with their work, according to SuperFriend’s Financial and Insurance Services Industry Profile Report.
The report, which was conduct shortly after the Banking Royal Commission, found workers in the financial and insurance industries were less engaged, with just 13 per cent feeling highly engaged compared to the national average of 19 per cent.
Almost a third of financial services industry workers reported experiencing job insecurity, rising to four in ten of those working in the insurance sector.
Thirty-four per cent of financial services employees said lack of time was the biggest barrier to employers improving mental health and wellbeing in the workplace, while 29 per cent said their managers lacked the appropriate skills.
SuperFriend’s chief executive, Margo Lydon, said the research was carried out at a time of unprecedented change and uncertainty for the industry, and many employees in the sector would have felt the effects of the Royal Commission on a very personal level, which could have impacted their mental health.
“Not only is the Financial Services sector a highly competitive market, the current environment has made workers feel ambiguous about where the industry is headed, and they worry about job security,” she said.
“With the prospect of greater regulation and compliance pressures in the industry making roles more complex, a key focus for employers should be creating job designs that enable employees to bring their best self to work.”
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.