The monthly broker poll for October 2024 released in collaboration with the Finance Brokers Association of Australia (FBAA) and CoreData has revealed that brokers are seeking support in managing workloads, with 40 per cent feeling burdened by their workload.

The objective of the research aims to provide an “ongoing read” on the market, while allowing the FBAA to gauge the needs of brokers in order to inform its advocacy work.

A sample of 100 FBAA brokers were surveyed between 21 and 28 October.

Along with workload burdens, 33 per cent of respondents, particularly younger brokers (under 50) cited financial pressures as a top stressor. Younger brokers tended to be more stressed by these two factors when compared to older brokers (52 per cent versus 29 per cent for workload and 44 per cent versus 23 per cent for financial pressures).

Workload stresses were more pronounced among finance brokers than mortgage brokers (47 per cent compared to 36 per cent), while government policies were more of an issue for mortgage brokers than finance brokers at 26 per cent versus 18 per cent, respectively.

Overall, however, reported impacts of stress on physical and mental health decreased from September to October, down from 56 per cent to 44 per cent.