Financial advisers have experienced significant burnout and high levels of stress over the past few years as the financial services sector faced substantial changes with government regulation and cost pressures.
Employee wellbeing has been a major issue in the financial services sector with employers seeking solutions for improving the wellbeing of their people.
While previous research has found a link between mindfulness-based training and improvements in employee wellbeing, few studies had explored the impact of mindfulness-based interventions in Australian corporate workplaces, in particular the financial services sector.
In November 2022, Iswara undertook a study supported by Central Queensland University to investigate the effects of a 10-day mindfulness-based activity on reducing stress and enhancing levels of wellbeing and mindfulness in individuals working in the financial advice industry. The results were very encouraging.
The Study
The study was conducted with participants in the financial advice sector to measure the effects of mindfulness-based activities on stress, wellbeing and mindfulness of individuals working in the industry.
Iswara created a 10-day mindfulness-based program which was delivered to participants through a digital platform.
Each of the activities were 3-10 minutes in length, encompassing a range of written, audio and visual content.
The study consisted of two groups - Group One participated in the mindfulness-based activities, while Group Two (the control group) had no exposure to these activities throughout the study.
Three hypotheses were tested comparing the control group to the group who participated in the program. Compared to the control group, over the period of the study the 10-day activity was predicted to:
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Reduce measures of stress
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Increase measures of wellbeing
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Increase measures of mindfulness
Validated stress, wellbeing, and mindfulness scales were used in this study. For Group One, these outcomes were measured before and after the 10-day activity. For Group Two, stress, wellbeing, and mindfulness levels were measured at the beginning and at the end of the of the study.
The Results
Group One: Compared to their initial scores, individuals in this group showed a significant reduction in stress levels, increased overall wellbeing, and increased levels of mindfulness after completing the 10-day activity, consistent with the hypotheses.
Group Two: This group did not take part in the 10-day activity and did not report any significant changes to stress levels, overall wellbeing or mindfulness over the time period.
Comparison: Individuals in Group One reported greater changes in stress and wellbeing when compared with Group Two.
The results from this study indicate that online mindfulness-based strategies can be an effective way of improving the wellbeing of people working in the financial advice sector. The program helped people to improve their wellbeing, reduce stress and increase levels of mindfulness in just 10 days.
Delivering mindfulness-based programs online provides an efficient and low-cost way for employers to help improve the wellbeing of their people, leading to positive business outcomes and increased productivity.
At Iswara, we provide evidence-based mental fitness and wellbeing programs to empower organisations and their people to reach their potential.
Our leading corporate wellbeing program, “Thriving Minds”, provides your organisation with 24/7 access to easy-to-use digital strategies and tools that reduce stress and increase overall wellbeing so your people and your business can thrive.
To find out more about this study, please contact Sonia Lancaster (Director - Research & Development) via [email protected] or head to the website to read more about Iswara’s programs.
