'Industry needs to get better at addressing mental health'

In the midst of so many joyous events, it is sobering to realise a staggering one in seven people in England are fighting off severe depression, using powerful psychiatric medicine with dangerous long-term side-effects 

This almost unimaginable number of sufferers in an epidemic of mental illness has huge implications for society, the economy and financial services provision, as well as advisers. 

Shockingly, the most recent Office for National Statistics and NHS England census shows that one in seven, or 14.7 per cent out of the 56.5mn people living in England, received at least one prescription for antidepressants in 2021-22, with yet more on medication for anxiety to schizophrenia.

Antidepressant prescription items have risen by 34.8 per cent, from 61.9mn in 2015-16 to a truly shocking 83.4mn in 2021-22.

Mental health in the workplace

Despite widespread mental illness in every stratum of society, modern day anti-discriminatory recruitment policies all too rarely extend in practice to job seekers with serious mental illness.

Firms are proud to trumpet diversity and inclusion policies on gender equality, inclusive ethnic and LGBTQIA+ recruitment; a few laudable firms even boast of hiring ex-offenders who have served their time in prison. And quite rightly so.

Yet it is sometimes easier for ex-offenders, including ex-prisoners, to find work than anyone who discloses a serious a mental health issue. 

It is all too tempting for employers to reject people obviously on medication or in poor health.

Young people straight out of university may find themselves on the scrap heap for life at 21, even with the best qualifications.

If graduates declare a serious mental health problem, they may be seen as 'unreliable' or 'likely to relapse' or will 'upset clients' or just 'not fit in'. 

It is illegal for employers to ask health or health-related questions before making a job offer. Yet prejudice is so pervasive that many health professionals informally advise their patients not to reveal their medical history and cover up gaps in employment.

It is all too tempting for employers to reject people obviously on medication or in poor health. Hundreds are chasing every entry position. Some just get away with fallacious weasel words: 'We found someone who was more suited to the post'.

University is no Shangri-La

Four in five university students living away from home for the first time may suffer from conditions as low mood and depression, eating disorders, psychosis, self-harm and suicidal thoughts. 

Most of the increase of so-called 'young, economically inactive people under 25' according to the ONS results from a recent rise in "mental illness and nervous disorders".

Indeed, the numbers of inactive people of working age rose by 500,000 in just over two years. Today, a staggering 9mn working age adults are inactive. Just 33mn do paid work. No wonder taxes are sky high.

Some young people with health problems simply give up at the starting gate and begin a life on benefits for 40 years until their state pension kicks in.

Each successive year on sickness benefits makes it tougher to convince employers of their worth. A great and needless loss of talent to the nation of some brilliant young minds.

Serving the vulnerable has become mainstream. Yet sufferers are often poorly served.

Fortunately, for those already in work, policies are humane, with employee assistance polices standard practice and employee wellbeing a top priority.

The brutal 1970s policy of simply sackings the long-term sick has long gone. Now, for some, there is a planned welcome back to work. A few go on to do great things for the economy. 

So why not give more give young people with poor health history a decent start to their working life too?

From the niche to the mainstream?

Serving the vulnerable has become mainstream. Yet sufferers are often poorly served.

Just one example highlights the problem: travel insurance for a depressed old lady for a short holiday to Malaga in Spain costs more than the cost of the flight. 

Is it really so impossible to provide comprehensive cover at reasonable cost? Perhaps with few players and brokers in this specialist market, insurers can charge what they like? The arcane art of underwriting is a mystery to all but a charmed circle. 

Every adviser needs strategy and training on how to treat vulnerable clients.

Not everyone with a current or former mental health condition is a stereotype ‘victim’ needing charity. They may be your colleague at wok or your next door neighbour.

They may even be comfortably off and prepared to pay high prices for the best advisory services from travel insurance to discretionary investment management, but few in the industry are willing to dip a toe in admittedly somewhat choppy waters. 

Every adviser needs strategy and training on how to treat vulnerable clients, whose needs may not be obvious. Failing to do so could be a breach of the new consumer duty rules, in force from July.

One day a new client may knock on your door in search of life assurance; as the conversation develops he or she seems depressed or possibly having suicidal thoughts. 

Do you know what to do next? Have you got the telephone number of the Samaritans charity, for example, at your fingers tips?

No one lives a carefree, 100-year life, stuff happens. Don’t clam up. Find someone you can talk to.

What about longstanding clients after years of good 'financial hygiene' who become lax at dealing with correspondence? Do you visit their homes? 

Or are you simply happy to have clients who don’t make trouble and keep the annual fees rolling in deducted before the client even sees his or her monthly statement.

More problematic still, if clients ask to withdraw huge sums of money, do you inquire why? Do you have details of next of kin for all your clients, particularly those who live alone?

Perhaps, if a client needs medical help and ignores tactful hints, an informal and tactful word (as much as Data Protection Act allows) may nip a major problem in the bud. 

If you suspect the onset of dementia in older clients, what would you do? At least one of your clients could develop dementia this year. If your client attends a meeting with you and seems to be not quite all there, what would be your next move?

Help yourself so you can help others

Mental health is usually the most common cause of claims on income protection policies in the UK. A nervous breakdown or depression, or drug or alcohol addiction could happen to anyone, even you. 

The Association of British Insurers has a free Chartered Insurance Institute-accredited course for advisers and front-line staff, developed with Rightsteps, a wellbeing specialist. It might be a useful start.

No one lives a carefree, 100-year life, stuff happens. Don’t clam up. Find someone you can talk to on whatever is on your mind, from debt, divorce or death.

No one is beyond help. The Samaritans are always there for you and yours 24-hours a day.

Their unsung volunteers are ready for everyone, from just a chat for someone lonely at night to the imminently suicidal. But they’re not trained mental health professionals: A&E for 24-hours mental or physical emergencies is a starting point. They never close.

Stephanie Hawthorne is a freelance journalist and former editor of Pensions World