Mental Health Awareness Week, an annual event run by The Mental Health Foundation, seeks to bring the UK together to focus on the importance of good mental health.

A variety of experts have taken this opportunity to raise awareness of the finance profession’s need to prioritise mental health and wellbeing. This follows a range of new research findings which highlight key wellbeing challenges for the sector.

According to a survey of 1,000 UK finance leaders commissioned by iplicit, 40% admit to feeling stressed out at work ‘often or all the time’, with a further 42% feeling stressed ‘sometimes’.

Overwork is also a key challenge for finance teams. 93% say they work more hours than they are contracted to, and almost a third (32%) 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 15-20 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 sheds light on the main causes of stress amongst finance teams, too. Lack of staff resource (28%) and managing budget constrains (28%) are the top reasons cited by its respondents, followed by responsibility for areas outside of finance (24%), team management (24%), financial uncertainty (20%) and fraud and security threats (19%).

Importance of community

Mental Health Awareness Week will this year 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 Javed Bobat, seeking out communities – whether that’s 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.”

Spotting signs of burnout

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.

Ildiko SpinFisher, who channels her psychology training and experience of burnout into advising employers as The Burnout Buster, advises employees (and employers) to keep an eye on the early signs of burnout.

“Burnout creeps up on you with no warning,” she says. “When it happens, you can’t function, work or face people. If you have symptoms like anxiety or not sleeping well for one or two days, or even a week, that’s okay. But when it’s going on for months, most people will continue to say ‘Oh well, I’ll cope, it’ll be fine’, when that’s not the case”.

Modelling the right behaviour

Haydan Firth, Executive Leadership Coach and fractional Head of People and Culture, also advises finance leaders to lead by example when it comes to tackling stress and burnout amongst their teams.

“You need to lead from the front with an air of vulnerability”, he says. “If you’re not looking after yourself, you can’t be authentic. If you tell your team you don’t want anyone working long hours but then they see you logged in at 7pm, they’ll start to wonder whether they’re being tested.”

iplicit’s COO Olivia McMillan 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.”

“80% of UK finance leaders are now concerned about a growing lack of talent entering the accounting/ finance sector, and this 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.”