Overwork is becoming a key challenge for finance teams across the UK, according to a new report from cloud accounting software provider iplicit.
With Mental Health Awareness Week kicking off on Monday 12 May, iplicit has revealed that 40 per cent of UK finance leaders admit to feeling stressed out at work ‘often or all the time’, in a move to raise awareness of the finance profession’s need to prioritise mental health and wellbeing.
From a survey of 1,000 UK finance leaders, 42 per cent also said they feel stressed ‘sometimes’, highlighting impacts from the amount of work required in the profession. In fact, 93 per cent say they work more hours than they are contracted to, while 32 per cent claim these hours rack up to one extra day a month, unpaid.
Separate research from Gartner also found that a third of accountants admit to ‘at least a few’ financial errors a week because they are overstretched.
Addressing the rising levels of stress and burnout amongst finance teams, Javed Bobat, founder and CEO of mental health nonprofit F=@#! Mental Health, says: “Finance professionals report higher stress and anxiety levels than those in other industries The finance function has evolved over the past 15 to 20 years and become more integral to companies. That’s led to greater pressure, demands and expectations. There’s also a culture of perfectionism in finance, where even small errors can have significant impacts.”
iplicit’s research also sheds light on the main causes of stress amongst finance teams. Lack of staff resource (28 per cent) and managing budget constrains (28 per cent) are the top reasons cited by its respondents, followed by responsibility for areas outside of finance (24 per cent), team management (24 per cent), financial uncertainty (20 per cent) and fraud and security threats (19 per cent).
Addressing stress and burnout
This year, Mental Health Awareness Week will centre around the theme of ‘community’, focusing on the power of safe, positive communities for improving mental health, and the transformative role of strong human connections. According to Bobat, seeking out communities, whether within the profession, organisation, or outside work entirely, can significantly help finance teams.
“I see finance people craving connection,” he adds. “In the post-Covid world, there’s still a desire for in-person interaction with our work colleagues or through events or networks. I’ve seen the benefits first-hand, having created communities for finance professionals and seeing how those have helped people professionally, personally and emotionally.”
Olivia McMillan, COO at iplicit, concludes: “Our own research has confirmed what many people suspected – that finance is a profession under immense pressure. Workloads and staff shortages have both played a part in this stress and have impacted outlooks on the future of the industry.
“Eighty per cent of UK finance leaders are now concerned about a growing lack of talent entering the accounting/ finance sector, and this is leading to a skills gap in the industry. It’s important that we prioritise wellbeing in the sector now, and create a safe space for finance professionals to address their stress and burnout, before it’s too late.”
According to stats released by Mental Health UK, burnout is on the rise across the board in the UK. One in three adults suffered high or extreme levels of pressure or stress ‘always’ or ‘often’ last year, according to its survey of 4,000 people. This brings the risk of burnout, defined as a state of physical, mental and emotional exhaustion experienced by people under long-term stress and constant pressure.
