The cost of living crisis is also hitting accountants, with 13% admitting they had been affected by financial hardship in the last 12 months, and nearly one in six (16%) have relied on credit to pay for essentials.

Research by caba, the chartered accountants benevolent charity, found that 67% of accountants are affected by stress while 41% say burnout is seen as the norm for people working in the highly pressurised accountancy world.

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. 

Poor health is also an issue for one in five, caba found, with 21% of those working, training or retired in the accountancy world living with health challenges. These health problems were affecting people in their everyday activities due to a physical or mental health problem or disability. 

Almost half (46%) of accountants said there was an expectation to be seen as ‘keeping it together’ – even when they are struggling.

However, with its new campaign, caba wants to encourage more people to seek support. Over the past year, caba has made a meaningful difference. The charity gave one-to-one help to nearly 5,000 people while 40,000 people used caba’s online resources.  

One chartered accountant who received a grant from caba said: ‘Before I connected with caba, I had lost both my wife and business partner within a short space of time. I was struggling to keep our finance brokerage running while raising my family on my own. It took me a long time to admit I needed help as in my profession, it can feel taboo to open up about personal struggles.  

‘When I reached out to caba, their mentoring and financial guidance helped me rebuild my confidence and regain stability. My experience with caba encouraged met to act as an ambassador for the charity, helping and encouraging others to speak up when they’re not okay and to reach out for the support they deserve.’ 

Dr Cristian Holmes, chief executive at caba, said: ‘Accountancy is a respected and rewarding profession, but accountants aren’t immune to the challenges we all face.

‘Behind a colleague’s smile might be someone struggling with their mental health; behind the person in the team meeting could be someone coping with personal debt. 

‘No one should have to shoulder these burdens alone. caba’s experienced team listen with empathy and advise 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.’ 

He added that caba ‘is here for every member of the ICAEW community facing financial difficulty or challenges with their physical or mental health’. caba supports past and present ICAEW members, ACA students and their dependents in the UK and abroad, and support is free and confidential. Call 01788 556366, email [email protected] or visit the caba website to find out more.