As part of the CoU team’s on-going efforts to promote wellbeing in accounting, bookkeeping and small business, we are thrilled to announce our newest initiative: the Australian Accountants & Bookkeepers Wellbeing Index (AABWI), set to launch in early 2025!
Why accountants’ and bookkeepers’ wellbeing? What’s causing stress?
While accountants and bookkeepers may not be the first profession that comes to mind when thinking about those suffering from poor mental health—compared to frontline workers like police officers, firefighters, or healthcare professionals—there is growing recognition of the significant psychosocial challenges within the profession, and the impact on workers’ wellbeing as well as their long-term commitment to the field of accounting and bookkeeping.
A 2023 global survey by the Association of Chartered Certified Accountants (ACCA) found mental health and wellbeing to be the second highest work-related concern among accountants, just behind salary impacts from inflation. Similarly, a 2022 survey commissioned by the Institute of Chartered Accountants in England and Wales found that 79% of accountants see stress and poor mental health as significant industry issues, with 56% personally suffering from stress and burnout. These global statistics clearly show that mental health and wellbeing are significant issues in the profession, yet there has been no industry-wide measure of it in Australia.
Although the intense focus on worker mental health during the Covid-19 pandemic has somewhat diminished, the long-term effects are now becoming more apparent. Mental health issues often develop gradually, and current economic pressures, cost of living increases, and global tensions are exacerbating these challenges.
The stress faced by accountants and bookkeepers is further compounded by:
- The industry’s expectations of long working hours, which limit opportunities for recovery and contribute to burnout
- Industry-specific pressures such as tight deadlines due to compliance or client demands, increased regulatory scrutiny, and having to act as intermediary between the ATO and clients
- Accountants and bookkeepers working with small and medium enterprise clients (SMEs) who are especially impacted by the emotional demands of supporting clients while helping to resolve their financial challenges
Recent inquiries[1] have further shown that high-pressure firm cultures, excessive workload, bullying, and harassment continue to be challenges for the profession.
It’s no surprise that stress and burnout are on the rise, prompting many to consider leaving the profession—an especially concerning trend given the current shortage of skilled staff within the industry.
Together, the above underline the urgency of addressing wellbeing in the industry and the contributing psychosocial stressors.
“I left my job because I couldn’t deal with it anymore. I got out of the industry completely… I felt that I couldn’t switch off… There were over 300 clients underneath me and the more clients you spoke to, the more concerns there was and … it just bubbled over” – Laura, public accountant, Counting on U participant
“It’s been heartbreaking to watch first-hand the challenges that our members, professional bookkeepers, have had over the past 12 months. They’ve cried, stressed, had sleepless nights right alongside their clients, predominately the small business owners of Australia.” – Amanda Linton, CEO of ICB
So what IS the true state of wellbeing in the industry?
To develop effective interventions that support worker wellbeing, it’s crucial to first understand the psychosocial hazards that contribute to ill-health and hinder flourishing. This is why we’re launching the AABWI. It will be a pioneering tool designed to assess industry wellbeing over time, and will:
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Provide an accurate snapshot of the mental health and wellbeing of Australian accounting and bookkeeping professionals, benchmarked against global standards and local data
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Identify the key sources of stress in the profession and suggest actionable improvements
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Develop wellbeing profiles for various industry groups (e.g., auditors, corporate accountants, sole-trader bookkeepers) to identify differing stressors and tailor mental health interventions accordingly
Ultimately, the AABWI will empower industry representatives to focus advocacy efforts on areas of greatest need and to develop targeted policies, guidelines, and resources that address the profession’s challenges. It will also facilitate collaboration between researchers and industry to create effective workplace interventions and allow firms to benchmark their employee wellbeing against industry averages, identifying areas for improvement.
Stages of the Project
Develop the AABWI framework
Feb – Aug 2024
- Identify and finalise existing scales that measure:
- wellbeing outcomes
- work outcomes
- general stressors
- moderating and promoting factors
Develop a new Industry Stressor Scale for inclusion within the AABWI
Mar-Nov 2024
- Phase 1: industry consultation and desktop review
- Phase 2: delphi study
- Phase 3: test-retest reliability
- Phase 4: construct validity
AABWI Launch
TBC Jan/Feb 2025
- Purpose: capture baseline measure of the wellbeing of those working in the accounting and bookkeeping industry
- Design: online survey open to all accountants and bookkeepers
Get involved
Get in touch if you’d like to be involved with the AABWI! We’re always on the lookout for accountants and bookkeepers to participate in any of the following project activities:
- Take part in test-retest surveys as part of the development of the Industry Stressor Scale: commencing week of 9 September and on-going across September 2024; involves completing x2 online surveys each taking approximately 10mins
- Take part in construct validity survey as part of the development of the Industry Stressor Scale: commencing late October 2024
- Take part in the AABWI: from Dec 2024/Jan 2025; involves completing x1 online survey taking approximately 30mins
If you’re a member of CPA/IPA/ICB/ABN, you stand to earn CPD/CPE points for completing these surveys.
Don’t miss out on these opportunities to contribute and make a difference!
[1] https://assets.ey.com/content/dam/ey-sites/ey-com/en_au/pdfs/ey-ebco_ey-report-270723.pdf; https://www.afr.com/companies/professional-services/shadow-culture-of-profit-first-blamed-for-pwc-tax-leaks-scandal-20230927-p5e7zs