World Mental Health Day | Why tackling mental health is about speaking up and listening – Katie Brinsden, Truly Independent

As part of IFA Magazine’s World Mental Health Day coverage, Katie Brinsden, Managing Director of Truly Independent, reflects on how loss aversion and imposter syndrome can affect both personal wellbeing and professional confidence. She shares her own experiences and explains why fostering supportive workplace cultures is crucial for mental health — and for business success.

The concept of loss aversion is widely recognised in financial services. It describes a cognitive bias that leads us to place far more value on losses than we do on gains.

According to a wealth of research, the psychological impact of a loss is likely to be around twice as great as the pleasure derived from an equivalent gain. This can have a significant effect on decision-making, often resulting in irrational choices.

As advisers, we appreciate how mental framing of this kind can impact clients’ financial journeys. But I wonder if we are fully aware of how it can affect other aspects of people’s lives – including our own.

I mention this because I suffer from what is known as imposter syndrome. This is a condition closely associated with loss aversion, in so far as it frequently involves being overwhelmed by negativity while refusing to fully acknowledge when something positive has happened.

I know I am far from unique in feeling this way. Numerous surveys have shown most of us fall victim to imposter syndrome at some point. But everyone has their own story, of course, and I have a few theories as to why I am prone to this outlook.

First, I entered the world of financial advice relatively late in life. I was previously employed in the motor trade, principally in administrative roles.

This unusual career path has always led me to see myself as something of an outsider. At best, I think I have merely progressed as an administrator. There are many times when I am reluctant to describe myself as a managing director.

Second, sporadic forays into the realm of car maintenance left me pretty scarred. During busy periods I would obligingly volunteer to help out with oil-level checks and other straightforward tasks, but my keenness was not invariably welcomed.

The problem was that some motorists clearly believed a woman should not be let loose on their cars. They seemed to think catastrophe would be the inevitable outcome. Needless to say, this did little for my confidence.

Third, I have consistently regarded myself as underqualified. Perhaps most notably, I never studied for a degree. I left school at 16 and took up my first job at a car dealership.

I have added various strings to my bow since I joined Truly Independent as a trainee paraplanner nearly 15 years ago. Yet I remain nagged by a sense that many of my peers must know more than I do and that I have no right to occupy my current position.

Given all the above, I tend to beat myself up whenever I have a negative thought. Conversely, I am extremely reluctant to praise myself – even if everyone else reckons I have done something wonderful.

To no mean extent, this is just human nature. The aforementioned raft of research into loss aversion underlines as much. Nonetheless, there are ways to combat imposter syndrome – or at least to mitigate its effects.

In my experience, it is essential to avoid unnecessary pressure. Because they are desperate to prove they belong, sufferers of imposter syndrome frequently demand too much from themselves – the eventual consequence of which is likely to be burnout.

Employers have an enormous duty of care in this respect. They need to foster environments in which everyone has a voice, mistakes are acceptable and learning is prized above blaming. Policies and practices must promote fairness, meritocracy and structural equality.

Crucially, this is not just a matter of ticking boxes and being seen to do the right thing. It is also a matter of ensuring both individuals and companies as a whole perform to the best of their abilities.

Why? Because a business that is less than sympathetic towards mental health issues will eventually pay the price for its lack of understanding. Staff might require time off to recover or may even leave altogether. Efficiency and productivity will take a hit. A firm could develop a reputation for failing to support its workers, undermining future recruitment efforts.

I am actually one of the lucky ones. I happen to work for a company whose culture encourages everyone to talk openly, share their concerns and draw strength from each other.

I also have coaching sessions. These have played a big part in enabling me to grasp and confront the root causes of my insecurities. I increasingly accept I have nothing to be ashamed or afraid of. I am getting there!

Ultimately, then, my message to anyone struggling with their mental health is to speak up. You will very quickly discover you are not alone.

In tandem, my message to businesses is simply to listen. You will very quickly discover you have the power to make a huge difference to the wellbeing of your employees.

By Katie Brinsden, Managing Director of Truly Independent.