One in five ACA students hit by financial struggles, CABA reveals

CABA, the occupational charity for ICAEW members and families, has revealed that they have seen a 50% increase in enquiries from ACA students, compared with this time last year.

By conducting a survey of 1,259 ICAEW members, which included 95 ACA students, they also found that over one in 10 (13%) people have experienced financial hardship in the last 12 months.

However, this number was significantly higher among younger individuals. CABA found that among the ACA students surveyed, 19% reported experiencing financial issues, nearly double that of current (11%) and former (10%) ICAEW members.

Despite a larger proportion of students facing hardship, the main causes are consistent across all groups. Nearly three-quarters (72%) attributed their struggles to rising mortgage and household costs, while one in three identified work-related stress and burnout as contributing factors.

CABA said the pressure is not just emotional – many students are relying on credit to manage essentials. More than a quarter (28%) of ACA students surveyed used credit cards to cover basic purchases in the past year, double the proportion of current members (14%) and five times that of former members (5%).

Meanwhile, over two-fifths (44%) expressed concern about affording emergency expenses, and half said they had little or no emergency savings.

Commenting on the findings, Cristian Holmes, chief executive at CABA, said: “This data confirms what we’ve been hearing from the people reaching out to us: ACA students are under growing financial pressure. Many are entering the profession at a difficult time where they’re facing rising living costs, the uncertainty of early career stages, and in many cases, no financial safety net.

“At CABA, we’re already seeing a 50% increase in enquiries from students compared to this time last year. That’s why we’re expanding our work to make sure support is accessible before things reach crisis point. Whether it’s financial grants, debt advice, or confidential counselling, we’re here to provide practical help that makes an immediate difference.”

The study also highlighted that to cope with economic adversity, almost two-thirds began to switch to cheaper alternatives while buying food and other goods, while over half have been using budgeting apps to track expenses.

Ola Opoosun, head of Support Services at CABA added: “It’s easy to assume financial and emotional pressures are something to face alone but you don’t have to. Sometimes, many don’t realise the support that is available until they reached a breaking point.

“We want to change that- we’re communicating clearly with students early in their journey and letting them know they can come to us with small worries or major challenges. The earlier someone reaches out, the more we can do to support them.”