The accountancy profession is in the
grip of a mental health crisis, with a shocking new study finding that a
third (31%) of chartered accountants feel stressed on a daily basis. The research, conducted by CABA, the chartered accountants’ well being charity, found that as few as 2% of respondents claim
to be unaffected by stress.
Nearly
two-fifths (37%) said that their job was the main cause of their
stress, while a third (29%) cited the difficulty of trying to maintain a
work-life blend. Driving this issue home, two-fifths (38%) check their
emails outside work every day, and a third (33%) even check their emails
while sick or on annual leave.
There
are various pressures within the workplace itself, which many
accountants are grappling with on a regular basis and are sure to
contribute to the rising industry stress levels. The research found that
the most commonly felt workplace frustrations include:
- being overworked (41%)
- office politics (33%)
- feeling undervalued (29%)
- failure to increase pay or rewards (29%)
- having to attend too many meetings (28%)
‘While
a certain degree of pressure can help with motivation, if stress levels
are excessive, we risk becoming less productive or burning out," said Kelly Freehan, Service Director, CABA. "
With
our research finding that many chartered accountants feel their
workloads are so severe that they need to constantly check their emails
outside work, it’s clear that firms should be actively encouraging their
staff to maintain a healthier work-life blend.’"
A
fifth (21%) of respondents cited money as the main cause of stress,
though this was of greater concern to younger and middle-aged
respondents than it was to their older colleagues. A quarter (24%) of
18-34-year-olds and a third (32%) of 35-44-year-olds report money being
their main source of stress. This was in comparison to just 1-in-10
(10%) 45-54-year olds and fewer than a fifth (17%) of those aged over
55.
The research actually found
that younger and middle-aged chartered accountants are likely to feel
more stressed overall than their older colleagues. More than two fifths
of 18-34-year-olds (43%) and 35-44-year-olds (45%) report feeling
stressed every day, compared with just 13% of 45-54-year olds and 15% of
those aged over 55.
"It’s
particularly concerning to see that so many young people within the
industry are wrestling with stress, with our research showing that they
are the most likely to take work home, stay late in the office and work
on days off," Freehan added. "Business leaders must provide tangible
support that helps staff to form healthy working habits at the start of
their careers, if we’re to avoid the risk of fewer young people seeking
opportunities in accountancy."
Whatever
the root cause, it’s clear that stress is having a major impact on
accountants. Three-quarters (76%) claim that work has negatively
affected them in the past 12 months, with a particular strain being placed on their social lives. Some of the most common effects include:
· a close relationship being damaged (61%)
· being unable to partake in hobbies (37%)
· feeling unable to concentrate on non-work-related issues (28%)
· being unable to see friends (27%)
· putting on weight due to a lack of work-life blend (27%)
CABA
has launched a new ‘Mental Wellbeing’ campaign. Featuring a dedicated
microsite, the campaign will provide support and advice to empower
members of the ICAEW chartered accountant community to take greater care
of their mental wellbeing. For more information, cabamentalwellbeing.org.uk