Work-Life Balance for Finance Professionals

[Pages:14]Work-Life Balance for Finance Professionals

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WORK-LIFE BALANCE FOR FINANCE PROFESSIONALS

Working in the business and finance sector has potential for career growth, exciting work, and lucrative salaries. But the process of achieving these goals can be taxing.

For those working in finance positions such as investment bankers, traders, and risk management and compliance specialists, there can be tremendous work stress. You may find yourself over-committing and putting in long hours to impress your boss and prove your value to your company. For even the sharpest of finance professionals, this pace can lead to an exhausting work-life imbalance.

This eBook is designed to help you recognize the signs, symptoms, and possible consequences of work-induced stress so you can develop a process for maintaining work-life balance in your life. Keep reading to discover data and tips that will help you cope with stress and prioritize your health.

Table of Contents

An Exciting, Competitive Industry

03

Mental Health in Finance Fields

04

Causes and Symptoms of Work-Related Stress

05

COVID-19

and Workplace

07

Mental Health

6 Stress Management

Tips for Finance

08

Professionals

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AN EXCITING, COMPETITIVE INDUSTRY

Employment in business and financial occupations is projected to increase 5% from 2019 to 2029, according to the Bureau of Labor Statistics (BLS). That's equivalent to approximately 476,200 new jobs. For career-driven individuals who enjoy tackling challenges head on, this job growth should be exciting--so should the earning potential.

Wage data for the finance careers below comes from the BLS.

Finance Career

Accountants and auditors1

Financial analysts and risk specialists2

Financial managers3 Securities, commodities, and financial services sales agents4 Personal financial advisors5

1. 2. 3.

Bottom 10% of earners made less than

$44,480

2019 median annual salary

$71,550

$47,230

$81,590

$68,370

$129,890

$35,320

$62,270

$42,950

$87,850

4. 5.

Top 10% of earners made more than $124,450

$156,150

$208,000

$204,130

$208,000

Despite the job growth and favorable salaries, the high-pressure, high-stakes work environment of the finance industry can sometimes take a toll on mental and physical health.

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MENTAL HEALTH IN FINANCE FIELDS

75%

In the United Kingdom, almost three-quarters of those working in the banking and financial services industries are seeking "better physical and mental wellbeing support in the workplace," Global Banking & Finance Review reports.

So it's not surprising that U.S. News & World Report lists financial managers, financial analysts, and compliance officers as having some of the most stressful jobs.

Since long work days are the norm and PTO days may go unused, it can be easy to get burnt out on work in this industry. But it doesn't have to be that way. Being proactive about your mental health involves understanding the causes and symptoms of work stress so you can address them before they seriously affect you and your work.

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CAUSES AND SYMPTOMS OF WORK-RELATED STRESS

Understanding the symptoms and causes of professional stress is key to recognizing when there's a problem. When you get wrapped up in meeting your clients' and employers' expectations, it's easy to experience tunnel vision. Do you ever find yourself pushing through migraines and getting only a few hours of sleep at night? These may be signs of work-related stress.

Causes of work-related stress

The causes of work-related stress are varied, but The State of Victoria and the Department of Health & Human Services note several common factors that may contribute to stress. Here are some stress factors that may affect you in finance, investing, and accounting careers:

f Long work hours f A heavy workload f Perceived job insecurity f Pressing deadlines f Dull work f Insufficient resources or equipment f Unhealthy relationships with

coworkers or bosses f Micromanagement f Harassment f Discrimination

When experiencing one or many of these stressors, your work performance, physical health, and mental well-being may worsen.

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Symptoms of work-related stress

Symptoms of work-related stress can take many forms, as each person's mind and body reacts differently to stress. Here are some symptoms of work-related stress, as noted by HelpGuide:

f Trouble sleeping or concentrating f Anxiety, even anxiety attacks f Irritability f Physical pain, such as headaches

or stomach aches f Fatigue f Withdrawal from friends and/or

family life f Decreased libido f Dependence on drugs or alcohol

Excessive stress may even contribute to depression. The long-term effects of depression can exacerbate many of the symptoms listed above. Healthline notes that depression can also lead to:

f Constricted blood vessels, which may contribute to cardiovascular disease

f Insomnia f Cognitive challenges related to

memory recall, decision making, and concentration f Pain sensitivity f Immune system weakness

Serious depression can increase the risk of suicide, compared to those without depression. If you're having suicidal thoughts, help is available.

National Suicide Prevention Lifeline

Call: 1-800-273-8255

Text: HELLO to 741741

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COVID-19 AND WORKPLACE MENTAL HEALTH

For many, the COVID-19 pandemic has exacerbated existing work stressors. About 41% of Americans have dealt with a mental health issue, such as anxiety or depression, during the pandemic, the Centers for Disease Control and Prevention reports. The number of people turning to substances to cope with their stress also increased during the pandemic, as did the rate of people seriously considering suicide, according the CDC.

A long-term effect of COVID-19 may be continued remote work. Working from home allows for greater flexibility and less commute time. Especially for those who don't have roommates and/or are working demanding jobs, however, remote work can also be isolating. When work lives at home with you, it can be more difficult than normal to set boundaries and take time away from work-related tasks.

If anything, the coronavirus pandemic highlights the need for strong stress management and self-care habits.

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6 STRESS MANAGEMENT TIPS FOR FINANCE PROFESSIONALS

Long work days and heavy workloads can be overwhelming, but there are ways to manage them. Below are six tips for dealing with work-related stress and creating a healthier work-life balance.

2. Create time for self-care

"Self-care" is a broad term, but the World Health Organization defines it as:

1. Know that you're not alone

About 15.4 million work days were missed in Britain in 2017 and 2018 due to workplace anxiety, depression, and stress, according to a report from UK government agency the Health and Safety Executive. Additionally, nearly eight in 10 Brits feel their employers could do more to support their physical and mental health, British well-being company Westfield Health reports. Articles from The New York Times, Reuters and other publications discuss the unique mental health struggles finance professional face.

One thing is certain: Your struggle is real, and you're not alone in it.

"the ability of individuals, families and communities to promote health, prevent disease, maintain health, and to cope with illness and disability with or without the support of a healthcare provider."

Using this definition, the International Self-Care Foundation notes seven pillars of self- care:

1. Health knowledge 2. Mental wellness 3. Physical fitness 4. Healthy nutrition 5. Risk prevention 6. Proper hygiene 7. Responsible product use

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