Under pressure

Accountants are not immune from financial pressures, so is it time to ask for help?

Rising household bills and other financial pressures are creating a perfect storm of mental health issues for accountants, says the occupational charity for the ICAEW community, caba.

Previous research from the charity found more than one in 10 accountants (13%) had been affected by financial hardship in the past two years, and nearly one in six (16%) had relied on credit to pay for essentials. Of those struggling financially, 72% said rising living costs were the main cause, with 42% having to cut back on basics such as heating, hot water and broadband – pressures that can contribute to heightened stress, anxiety and wider mental health challenges.

In addition, the stigma surrounding debt, particularly among chartered accountants, can make it more difficult for individuals to seek support. This may lead some to withdraw or feel isolated at a time when early help and intervention could make a meaningful difference to their mental wellbeing.

Dr Cristian Holmes, Chief Executive at caba, said: “Accountants are often seen as financially secure; however, the reality is that they face the same cost-of-living pressures as everyone else.

They are not immune to rising household bills and inflationary pressures.

“Financial strain and mental health are closely interconnected, with money worries often acting as both a trigger and intensifier of stress, anxiety and burnout. Rising living costs, combined with demanding workloads, can create a perfect storm for mental health challenges, affecting confidence, relationships and overall wellbeing.”

To support accountants with dealing with financial pressures and the mental health challenges that come with this, Tom Barrett, Senior Support Officer at caba, has the following advice:

  1. Set a budget – mental health challenges as a result of financial hardship are often made worse by uncertainty, either feeling unsure about where your money is going or how much you’re really spending. While many people don’t stick to a regular budget, having a clear and accurate view of your outgoings can bring a sense of control and reduce anxiety. In many cases, estimated spending differs significantly from reality, so tracking your actual expenses is a powerful first step caba’s tools can help you take back control and ease some of that pressure.
  2. Don’t shy away from benefits – worrying about finances can feel overwhelming, and it’s common to feel hesitant about seeking support.
    Concerns about complexity or stigma often prevent people from exploring benefits they may be entitled to. However, accessing this support can significantly ease financial strain and reduce stress.
  3. Take control of energy, fuel and household costs – rising energy and fuel costs are currently a major source of stress for many people. While you may not be able to control prices, taking small, practical steps can help you stay in control and reduce financial uncertainty. These steps could include reviewing your subscriptions recently and making sure you’re getting the best value for your money when it comes to everyday services like insurance, energy or the internet.

    If your credit balances are increasing each month, don’t wait until your options run out. It may be time to explore solutions to manage your debts.
  4. Finally, don’t keep concerns about financial strain to yourself – as accountants there is definitely still stigma around speaking up about financial hardship. However, you are not immune to the rising cost of living and inflationary pressures. You can speak to caba confidentially about your experiences and get support. You don’t need to go through this alone.