In the past year there has been a 50% increase in enquiries from ACA students seeking financial and welfare advice, compared to this time last year, according to caba, the occupational charity for ICAEW members and families.

The latest caba survey of ICAEW members and trainees found that 13% of respondents had experienced financial hardship in the last 12 months.

The financial hardship figure was significantly higher among younger individuals, with 19% of ACA students experiencing financial problems, nearly double that of current (11%) and former (10%) ICAEW members.  

Despite a larger proportion of students facing hardship, the main causes were 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.

The pressure is not just emotional - many students were 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 effects of the ongoing cost of living crisis can be felt far and wide. 

Among those experiencing financial hardship, six in 10 ICAEW members have cut back on non-essential spending. Almost two-thirds have looked 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, said: ‘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.’

The stark findings of the research have emphasised the growing need to offer targeted relief and preventative support, Holmes stressed. 

‘We know that when people are facing challenges, they often don’t reach out for help as quickly as they could and that’s something we’re determined to change,’ said Holmes.

‘As part of caba’s new vision, we’re committed to making sure every member of the ICAEW community not just students, but current and former members too, knows that support is available, feels confident asking for it, and trusts that we’ll be here when they do.’ 

Find out more about caba’s services and how to access support