The problem - and why it matters

Finance people are under pressure.

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A growing stack of research confirms what you may have spotted for yourself: stress and burnout are a real and present threat in the profession.

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We know that:

• 40% of financial decision makers feel stressed often or all the time. Another 42% feel stressed sometimes. (Source: iplicit research, 2024)

• Almost all US accountants (99%) say they’ve experienced burnout because of workload. (FloQast/University of Georgia, 2022)  

• A third of accountants admit “at least a few” financial errors a week because they’re overstretched. (Gartner, 2023)

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Are finance people more susceptible

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Stress and burnout can happen to anyone – but are finance and accounting people particularly susceptible?

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“Our industry tends to attract high performers, who often experience performance anxiety. They worry about performance reviews and feedback,” says Jenn Barnett, Director and Head of Inclusion & Diversity and ESG at Grant Thornton.

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“High performers have different stress triggers related to their need to perform well and progress.”

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Brad Channer, CFO at UBIO, who was named FD of the Year in 2024, says: “When it comes to compliance, there’s no grey area. It’s pass or fail. I think that creates a lot of pressure.”

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Javed Bobat, Co-Founder of IFF Talent, used his own experience of mental ill-health to set up a nonprofit dedicated to dealing with the issue in the sector. It’s called F=@#! Mental Health.

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“Finance professionals report higher stress and anxiety levels than those in other industries,” he says.

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“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.

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“When I set up my own nonprofit and asked for people’s stories, I wasn't surprised by what people said, but I was surprised at their willingness to open up. Many had never spoken about their struggles before and they craved a safe space.”

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What you'll learn

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This short guide is aimed at FDs and other finance workers. Its purpose is to help you think about cultivating good mental health – both for yourself and, if you’re a leader or manager, among your team.

We’ll cover:

• Common signs of stress and burnout

• Strategies for your own wellbeing

• Ways to take care of your team

• Where to find more information and support.

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Read on to discover the difference between stress and burnout.  

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Disclaimer: This guide is for informational purposes only. It’s not a substitute for professional advice, diagnosis or treatment. If you’re concerned about your mental health, you should seek help from qualified people. Never disregard professional advice or delay seeking it because of something you’ve read in this guide.

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Spotting stress and burnout

Almost everybody has experience of stress. That doesn’t mean you should accept it as a fact of life.

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Prolonged stress takes a physical, mental and emotional toll. Left unaddressed, it can lead to the serious problem of burnout.

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“Burnout creeps up on you with no warning,” says Ildiko SpinFisher, who channels her psychology training and experience of burnout into advising employers as The Burnout Buster.

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“When it happens, you can’t function, work or face people. I’ve heard many stories across various industries where people seemed to be doing fine, then one morning couldn’t get out of bed – and stayed that way for six months.”

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She says it’s important to look at the cumulative impact of prolonged stress. “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,” she says.

Read on for some ways to reduce stress and look after your own wellbeing.  

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"Most people's priorities go something like this: Work. Others. Then themselves. Whenever I raise this point in a workshop, there's this moment of awareness as people think: Oh - I'm at the bottom of the pile here." Haydan Firth, Executive Leadership Coach

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Taking care of yourself

Here's a radical thought: Why not try putting yourself first?

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“Most people’s priorities go something like this: Work. Others. Then themselves,” says executive leadership coach Haydan Firth.

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“Whenever I raise this point in a workshop, there’s this moment of awareness, as people think: Oh – I’m at the bottom of the pile here.”

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The importance of self-care is recognised by some of the smartest organisations in the finance profession.

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Grant Thornton’s Jenn Barnett says: “We call this mental fitness. We talk a lot about the elements that need to be in place for your brain to respond well to stress.

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“We all hear a lot of talk about the importance of physical health, going to the gym and looking after our bodies but much less about looking after our minds.

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“We need to understand how the brain responds to stress, how adrenaline works in the brain and what you can do to regulate that.”

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Some self-care requires expending energy up front. Javed Bobat says: “What are you doing proactively for your own self-care, mental health and wellbeing in every aspect of your life? Your sleep, your diet, your physical health, what you’re doing to manage things emotionally. Consistently putting dedicated time and effort into these areas – not just when your mental health has deteriorated – will ensure that you have better coping skills for when things get tough.”

What follows are a few self-care techniques that could help you regulate your responses to stress.

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1. Breathing

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When your breathing is shallow, you’re not oxygenating your lungs or brain properly, says Ildiko SpinFisher. Better breathing helps your whole nervous system calm down.

“A good breathing technique is the three-part breath, practised in yoga – where you become aware of your breath filling your chest, then your lungs, then your stomach,” she says.

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“Just a couple of minutes of focusing on your breathing is so restorative and you can do it anywhere.”

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Jenn Barnett of Grant Thornton says: “I talk with our people about the importance of breathing in the moment.

“We call it a mindful minute, which is a phrase taken from sport. It can be done if you’re about to go into a meeting, or if you’re in the toilet or on the train. You just breathe in, hold it for a count of four, then breathe out. It really helps, especially when you’re nervous.”

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2. Exercise

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“Not everyone has to sign up to a gym but are you taking care of yourself physically?” says Haydan Firth.

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Ildiko SpinFisher points to research into “blue zones” – the areas where a high number of people live to 100 with good quality of life.

“Their habits are often not about going to the gym or running 10 miles a day – they’re about incorporating healthy movement into everyday life,” she says.

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3. Setting boundaries

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Pushing back against unreasonable demands is important – whether those demands come from other people or from yourself.  

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UBIO’s Brad Channer learned to set boundaries after being diagnosed with ADHD. “I mute notifications on my phone when I’m working. I don’t book meetings unless I really need to be there, because I know I’ll take on more than I can handle,” he says.

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“You need to know your limits – and you need to know what’s achievable in a day.”

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4. Block out time for you

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Work appointments shouldn’t be the only thing fixed in your calendar.  

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“Think of the typical day for a mum of young kids,” says Haydan Firth.

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“It’s wake up, get the kids to school, go to work, pick up the kids, come home, make dinner, get them to bed – and there may be a little time left in the evening.

“It can be tough to find any time at all, but you need to capitalise on whatever time you have, even if it’s getting up earlier to allow a bit of space in the day.”

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5. Know what charges your battery

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“You need to know what things charge you up – the energising things,” says Haydan.

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“If you don’t know your personal needs, it’s hard to ask for them. The answer isn’t always about working less – it’s about making the most of time and being active rather than passive. Sometimes, you have to spend a little bit of energy to get a lot back. We all know how we feel after a couple of hours watching Netflix and eating horrible food versus going out to see a friend or visiting a new place.”  

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6. Seek connection

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Finance can be a lonely job. Often, there are few people who understand what you do or the pressures you’re under. Remote working, while it suits many people, can also be isolating.  

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Seeking out communities – whether that’s in your profession, in your business or outside work entirely – can help.

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“I see finance people craving connection,” says Javed Bobat. “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 seen how those have helped people professionally, personally and emotionally.

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"We all hear a lot of talk about the importance of physical health, going to the gym and looking after our bodies but much less about looking after our minds." Jenn Barnett, Head of Inclusion and Diversity and ESG, Grant Thornton

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7. Golden rule: if you’re struggling, speak up

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If you’re struggling, you need to say so.

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“It can take a lot of courage to put your hand up and say, ‘I need help’ or ‘Things in this organisation are not helping my mental health’,” says Jenn Barnett. 

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“At Grant Thornton, we’ve worked hard on telling people that we would rather know about it before you get to the point of burnout so we can put something in place to support you.”

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Javed Bobat says: “The single most important thing is not to keep things bottled up.  We’re still in a society where there’s a lot of stigma and reluctance to come forward, even though things are improving.  

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“As well as doing my little bit in my world around mental health awareness, I’m a Samaritans listening volunteer and I’ve seen the power of even one conversation when someone’s able to open up.  You can hear the sheer relief when they do.”

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Healthy habits checklist

• Practise mindful breathing

• Exercise

• Get outdoors

• Eat healthily

• Don’t smoke or drink too much

• Get enough sleep  

• Say no to overcommitment

• Take time off  

• Hold shorter meetings (and avoid the unnecessary ones)

• Give yourself permission to switch off

• Cultivate outside interests

• Put non-work priorities into your schedule

• Find support in the workplace and outside it

• Make time for your physical, mental and emotional needs

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Taking care of the team

What if you’re the leader of a team under stress?

Whether you’re in a supportive organisation or one that leaves a lot to be desired, you need to address the issue.

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“Your team is in your care. They’re not workhorses that you're going to push as long as they can physically work, then get rid of them and find the next ones,” says Haydan Firth.

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Jenn Barnett of Grant Thornton shares how one of the world’s big players approaches these things. “We focus firstly on safety and risk management, then on wellbeing support and finally on healthy work and culture,” she says.

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Model the right behaviour

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“Encouraging leaders to model good behaviour – like scheduling gym time, for example – helps,” says Jenn Barnett.

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“Leaders sharing their mental health stories helps too. For example, men in Grant Thornton asked for a group to discuss mental health, and that group is now led by one of our directors.”

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Being a role model can be hard – not least because it can require addressing your own stress levels.  

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“You need to lead from the front with an air of vulnerability. But if you're not looking after yourself, you can’t be authentic,” says Haydan Firth.

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“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.”

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Brad Channer says: “I have a really good CEO who doesn’t like it if we work weekends and evenings unnecessarily. Your kids will only be young once. He’s not saying you don’t work your arse off, but your family is just as important and you’ve got to have that time with them.”

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Javed Bobat adds: “People get inspired by, and learn from, line managers who are strong role models. Show good habits and people will follow.”

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"The most important thing for a company is to introduce psychological safety. This means people feel they can take interpersonal risks, like flagging up something they're uncomfortable with or asking for extra training, without fear of being penalised." Ildiko SpinFisher, TheBusiness Burnout Buster

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Show some empathy

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“You need to take an interest in your team members as whole people, not just as workers,” says Javed.

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“There’s a lack of training provided to line managers on how to be good people managers – including mental health training.  

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“Build strong relationships by understanding what's going on in people’s lives. Show empathy. If you're not sure how to help, seek external resources. Lead by example and create a culture of trust and support.

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“Everything going on in someone's personal life affects their work. You're not there to fix or diagnose, but to help them get to where they want to be.”

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Create psychological safety

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“The most important thing for a company is to introduce psychological safety,” says Ildiko SpinFisher.

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“This means people feel they can take interpersonal risks, like flagging up something they're uncomfortable with or asking for extra training, without fear of being penalised.”

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Haydan Firth adds: “You've got to be really in tune with where your team are and know that they're able to be honest with you.”

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Be clear about expectations

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Have you and your staff discussed what you need from each other?

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Haydan says: “I ask leaders to sit down with their employees and just say: ‘What do you need from me?’  And once the employees have shared that, the leader can acknowledge it and say, ‘Here’s what I need from you’.  

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“Some people might want regular check-ins because they work really well with some praise. Some might want to be more aware of the bigger picture in the organisation, rather than feeling stuck in their own role. You could ask whether they want to be involved in leadership meetings and how they want their one-to-one reviews.  

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“In return, you might set out what you need from the team member – and let them know that their success is your success.”

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Ildiko SpinFisher adds: “Resentment and conflict can build if employees are unclear about their roles or feel unrewarded.  

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“It's important to ensure employees know what they're there to do and are rewarded not just for their job performance but also for other valuable skills and contributions.”

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Recruit well  

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Your good work on mental health can be undone if you hire toxic people – even if they’re proud of “getting results”.

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“You don’t want work to be a place you dread because of a bad atmosphere or bullying,” says Ildiko. “And nipping those things in the bud starts with recruitment.”

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She suggests using emotional intelligence tests rather than just psychometric testing.

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“Someone might have a victim personality and a history of suing companies. Another might have narcissistic traits. These individuals can destroy a department,” she says.  

Consider mental health first aiders

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Mental health first aiders are trained key responders who provide a first port of call for staff.

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“They’re trained to have safe and appropriate conversations and guide employees to the next step,” says Ildiko.

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“They’re the first line of defence for mental health within an organisation. Each department should have a designated person for colleagues to go to.”

Jenn Barnett adds: “What you do first about mental health is quite organisation-dependent. But as a minimum standard, getting mental health first aiders into an organisation sends the signal that this is important.

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“Just having those people available for support is crucial. If you do nothing else, that would be the thing to do.”

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Javed Bobat adds: “I’ve trained mental health first aiders in finance. I’ve seen the biggest benefits come when those first aiders and the finance team are supported afterwards to go forward in the role and create a positive wellbeing culture.”

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Conclusion: Reaping the benefits

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The best reason for addressing mental health is that it’s the right and decent thing to do.

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The second best reason – in case you’re challenged on it – is that it’s good for business.

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“Without mental health and wellbeing as a core part of your ESG commitment, you're neglecting a crucial component that drives long-term sustainability,” says Jenn Barnett of Grant Thornton.

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“If you don’t have that supportive environment for mental health, you risk discriminating against groups that are struggling more than others. But beyond risk, you’ll want to unlock greater productivity by caring for people. Everyone gives more when they feel supported.”

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Ildiko SpinFisher adds: “It's much better to have a healthy, loyal workforce that feels recognised and fulfilled. They'll stay with you rather than ‘quiet quitting’ – and you won't lose staff hand over fist without knowing why.”  

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Resources

• Samaritans: Samaritans responds to a call for help every 10 seconds. Its mission is that fewer people die by suicide and its helpline is available 24 hours a day on 116 123.
• NHS: As well as pointing you to help withyour mental health, the NHS website offers information about conditions, symptoms and self-help.
• CABA/ICAEW: CABA (Chartered Accountants’ Benevolent Association)is the occupational charity supporting the ICAEW (Institute of Chartered Accountants in England and Wales) community. It offers advice and resources onmental health, along with techniques to build emotional wellbeing.
• ACCA: ACCA (the Association of Chartered Accountants)has a collection of articles on its Wellbeing At Work page.
• accaglobal.com/uk/en/member/wellbeing/wellbeing-at-work.html
• AAT: AAT (the Association of Accounting Technicians)has a range of wellbeing resources online for members and accounting students.
• ICAS: ICAS (the Institute of Chartered Accountants of Scotland) provides a Wellbeing Toolkit online.
• F=@#! Mental Health: Javed Bobat’snonprofit community interest company supports individuals, teams and workplaces with mental health and wellbeing. It provides free and subsidised support,resources, coaching and training. Its blog features real-life stories written by finance professionals.
• Mind: The national mental health charityprovides four helplines, including a support line, operating 9am-6pm Mondays to Fridays, on 0300 102 1234. It also has an online toolkit containing informationfor people in the accountancy, finance and banking sectors.
• The Mental Health Foundation: ThisUK charity is focused on preventing poor mental health and protecting goodmental health. It is the home of Mental Health Awareness Week.

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