caba warns surge in household bills and financial pressures is creating perfect storm of mental health issues for accountants

• This Mental Health Awareness Week, caba is raising awareness of the financial pressures facing accountants and how this is affecting their mental wellbeing 

• This comes as one in ten accountants (13%) admit they have been affected by financial hardship1 

• Ahead of further expected cost of living rises, the charity shares advice for accountants who might be struggling with stress related to financial factors 

The occupational charity for the ICAEW community, caba, is raising awareness of the mental health impact of increasing financial pressures on accountants this Mental Health Awareness Week (11th–17th May). 

Qualitative analysis of calls to its helpline over the past year highlights that financial pressures including debt, the rising cost of living, and difficulty affording life’s essentials, are driving a growing number of people to seek both mental health and financial support from the service. 

This is further reflected in caba’s own research, which shows a strong link between financial strain and mental health challenges among accountants, with financial stress increasingly recognised as both a significant trigger and intensifier of poor mental health. 

Previous research1 from the charity also reported that more than one in ten accountants (13%) had been affected by financial hardship in the last 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 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 amongst 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, says:

 “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. 

No one should have to carry these burdens alone. Our experienced team listens with empathy and advises without judgement. We’re here to make sure every Chartered Accountant who needs help - whether financial, emotional or practical, knows they can reach out to us, and that our support is always available.” 

One chartered accountant who received financial support from caba said: “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.” 

As part of its ongoing commitment to supporting the mental and financial health of ICAEW members and their close families, caba’s mental health support service Qwell, provides 24-hour access to counselling, self-help materials, goal-setting and mood-tracking tools, and free telephone support from qualified counsellors. It also offers free, bespoke financial support and practical guidance.  

Call 01788 556366, email [email protected] or visit www.caba.org.uk to find out more about how caba can support you.