66% of accountants already anxious due to rising cost of living

Over a third (34%) of working accountants are concerned about their future as a result of the cost of living crisis, according to a new study by CABA.

In addition, it found that a third reported feeling more anxious or stressed (33% and 32% respectively).

The charity, which helps the ICAEW community 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%).

Meanwhile, two fifths (42%) of accountants in work or education say they are already struggling financially as a result of the rising cost of living. It added 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.

With inflation still rising and an energy cap increase due in October, a quarter (24%) of accountants who aren’t yet struggling expect to face financial difficulties going into autumn and winter.

Kirsty Lilley, Mental Health Expert at CABA, said: “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.”

She added: “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.”

Cristian Holmes, CABA CEO, said: “Financial difficulties can impact anyone at any time, and we’re seeing this more than ever at the moment. The best way to begin to tackle financial issues and the stress related to this is to be open and talk to someone.

“We know from our research, accountants are unlikely to turn to their employer but our advisors at caba can offer free, confidential financial help and advice, as well as support to help you work towards a more secure, long-term financial future through tackling any debt you may have. Our support officers also offer emotional health advice and access to support services where money worries are taking a toll on your mental health.”