The true impact of the cost-of-living crisis on accountants’ mental health has been highlighted in a new survey by caba.
It has revealed that over a third (34%) of working accountants are concerned about their future as a result of the crisis. Two fifths (42%) of accountants in work or education say they are already struggling financially as a result of the rising cost of living. And this is having a significant impact on mental health – of those who are struggling, two thirds (66%) feel anxious, over half (59%) feel stressed and a third (34%) feel depressed.
The charity, which helps the ICAEW community thrive by equipping them with practical, emotional and financial tools, found that three quarters (75%) of working accountants have already made efforts to reduce their essential expenses, such as food shopping (54%), energy bills (52%), or transport costs (45%).
Kirsty Lilley, Mental Health Expert at caba, says: “Financial wellbeing gives us access to pay for basic needs. A home, shelter, food, warmth… These are all necessities for life, without which we feel threatened. We begin to sense that we can’t provide for ourselves and our family, which affects our feelings of self-worth.
“What we’re seeing now with this cost-of-living crisis is an extraordinary event that affects us all. We have no control over the day-to-day increase in costs we’re experiencing, and there’s absolutely no certainty as to when the price hikes might end. It’s a very stressful situation to be in, and we are all being impacted in some way.
“It is easy, but dangerous, to assume that just because someone is earning a decent salary, they automatically acquire the status of being in a safe financial situation. My advice for anyone who feels worried or stressed due to the increase in cost of living, is that this is very understandable but to seek advice or help from a source you trust if your feelings start to get out of control.”
- To help tackle this issue, caba has created a 50-minute-long Q&A session, a panel of specialists offers tips and guidance to anyone looking for help with their mental health, personal finance worries, debt management, and career concerns. The Q&A session can be found here www.caba.org.uk/cost-of-living.
