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The accountants’ charity Caba has warned that rising household bills and financial pressures are creating significant mental health challenges for those in the profession.
According to research from the organisation, 13% of accountants have been affected by financial hardship in the last two years.
Data released during Mental Health Awareness Week reveals that nearly one in six accountants has relied on credit to pay for essential items.
Of those experiencing financial difficulties, 72% cited the rising cost of living as the primary cause, while 42% had reduced spending on basics such as heating and broadband.
The charity noted that the stigma surrounding debt often prevents chartered accountants from seeking early intervention.
Analysis of calls to the Caba helpline indicates that financial strain is acting as a major trigger for stress, anxiety, and burnout within the ICAEW community.
The charity provides access to counselling, mood-tracking tools, and bespoke financial guidance through its support services.
Senior support officer Tom Barrett advised professionals to track actual expenses to reduce uncertainty and to explore eligible benefits to ease financial strain.
The charity also confirmed that the current economic climate, combined with demanding workloads, has affected the confidence and relationships of many members.
As a result, it urged accountants to speak out about financial concerns rather than facing pressures in isolation.
Cristian Holmes, chief executive, 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.”
One chartered accountant who received financial support from Caba added: “As someone who is on Universal Credit indefinitely, what might seem as small price hikes to other people in energy or food and drink can have a large impact on my budget.
“Therefore, for Caba to acknowledge and provide financial assistance in these areas is an invaluable resource for someone in my situation. Stress factors and anxiety can be managed far more effectively, knowing that Caba is active in this area.”
