A recent report by caba, the occupational charity for ICAEW members, has highlighted the mental health challenges among UK chartered accountants.
The study, involving more than 300 accountants, found that more than one in three (36%) experienced insomnia or disrupted sleep in the past year, indicating a high prevalence of burnout and chronic stress within the profession.
The report reveals that 32% of accountants have been diagnosed with or self-identify with depression, and 29% have experienced regular panic attacks.
Additionally, nearly 74% of respondents reported experiencing burnout symptoms such as detachment, exhaustion, or decreased job performance over the last year.
Burnout is seen to have led to feelings of loneliness or isolation for more than 36% of the respondents, while 32% have faced financial difficulties due to their symptoms.
In the workplace, 45% of respondents indicated that burnout impaired their job performance or caused them to take time off, and 41% considered changing careers or leaving the profession.
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By GlobalDataThe report identifies excessive workload (46%), work-life imbalance (45%), monotonous work (32%), and lack of support from supervisors (31%) as major contributors to burnout.
Despite this, more than half (54%) of respondents believe their employer provides sufficient resources to manage burnout.
Outside of work, 32% of respondents sought professional help, while 19% are considering it.
Among those experiencing burnout, 42% found taking time off work beneficial, 35% reduced their working hours, and 25% sought peer support.
caba chief executive Cristian Holmes said: “Being a chartered accountant is a highly respected and rewarding career choice, and there are a great many people who are incredibly happy in their role. However, for some, long working hours and tight deadlines can make for a high-pressure environment, which can sometimes lead to severe physical, emotional and behavioural symptoms we often associate with burnout.
“We know it can be challenging to reach out and ask for help. We would urge everyone struggling with feelings of burnout to reach out – whether that’s to a loved one, a friend, a member of their community, or to us. You’ll find that no matter how low you’re feeling there’s always someone there to support and guide you. You’re never alone.”
caba has launched a Burnout Support Hub for ICAEW members.
Earlier in November 2024, DW Group founder David Wray and FinComm Services president Marie-Josée Privyk, discussed the European Commission’s August 2024 FAQs with ICAEW.
These FAQs aim to assist companies in understanding the Corporate Sustainability Reporting Directive requirements.
