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Why accountants are happier than you think
31 May 2024
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The Federal Budget, handed down on May 14, followed in quick succession by the traditional end of financial year rush, has many accountants in public practice already on high alert for additional work hours, more stress, and the complexity caused by revised Government and regulatory changes.
Moreover, the post-Covid era ushered in a new wave of stressors. In 2024, the financial aftermath of the pandemic prompted the Australian Tax Office (ATO) to intensify debt recovery efforts, while a record number of small businesses are closing. As the ATO works to recoup over $34 billion in tax debts shelved during the pandemic, accountants find themselves navigating the juggle to negotiate with the ATO and help SME clients to refinance or strategise to remain solvent.
These are very much local issues, which would make one think that the Australian profession is part of a world-wide trend towards stress or burn-out in the workplace. A 2022 survey of the accounting profession also seemed to corroborate this, as it showed that eight out of 10 respondents said stress and poor mental health are a problem within the accountancy profession.
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So many reasons to be glum it appears, but here's a surprising revelation: accountants in Australia are, by and large, a happy and resilient professional cohort.
The recent State of Health and Wellbeing in Accounting Report showed a remarkable 80% of accountants expressed high levels of job satisfaction.
The data beckons the question: Why are accountants so happy?
Factors influencing accountants' mental, physical, and financial health
In delving into the surprisingly sunny disposition of accountants, the research found that three out of four respondents rate their mental health, financial security, and physical health as “good” or “very good”.
It turns out that flexible work policies and remote opportunities play a starring role, with around 17% of respondents crediting their physical wellbeing to flexible policies. Work and task diversity, an understanding employer, and feeling valued were also listed as important factors.
Accountants also appear to be in good mental health – 35% of respondents said their jobs had a positive impact on mental health, while 30% reported no impact at all. It seems accountants have cracked the code to staying mentally resilient, even amidst the chaos of their profession.
But, like the quarterly BAS return, it’s not always sunshine and rainbows.
When it comes to their own personal health, accountants are most concerned about the risk of cancer (33%), followed by heart attacks (20%) and stroke (17%).
Financial wellbeing emerges as another significant player in the happiness equation. Although, Accountants were slightly less optimistic about their financial health than their mental health, as 21% felt that their financial security had deteriorated recently – likely fuelled by cost of living and inflationary pressures.
Overall, despite some uncertainty around their financial and physical health, accountants are doing well, particularly those with workplaces offering flexibility, support, and a healthy dose of autonomy.
How prepared are accountants for life’s curveballs?
Given these concerns around physical and financial health risks, how do accountants perceive and prepare for any unexpected challenges life might throw their way?
While most accountants grasp the potential financial ramifications of serious health issues, many aren't entirely confident about their insurance coverage. In fact, the majority (59%) are unsure if they have an adequate safety net for critical illness or disability. The same holds true for income protection (55%) and life insurance (48%) – evidently, there is room to grow when it comes to preparedness.
Age and gender also play a role in how they approach insurance. Older accountants, aged 55 and up, seem to have a bit more peace of mind about understanding costs and getting the right insurance setup compared to their younger peers. Moreover, gender disparities emerge, with male accountants generally expressing higher confidence levels in their insurance arrangements than female counterparts. These differences underscore the need for tailored approaches to enhancing insurance literacy and confidence across all demographic groups.
When it comes to picking an insurance provider, accountants know what they want. They prioritise top-notch service, competitive policies, and reliability in a provider. Factors like the ease of claims processing and stability of premiums over time also feature prominently in their decision-making calculus. Women tend to place greater importance on premium stability, while younger accountants prioritise a provider's reputation.
These insights demonstrate a clear opportunity for greater education, support, and robust financial planning, to help accountants feel more confident about their future financial wellbeing.
Happiness: A financial barometer
Despite a tumultuous external landscape characterised by regulatory scrutiny and economic uncertainty, Australian accountants continue to exhibit high levels of job satisfaction and overall well-being — a testament to their remarkable resilience and contentment.
Their role in ensuring financial stability and integrity underscores their importance within our society, and it is this dedication that contributes to the overall well-being of our communities.
As we reflect on the challenges they face and the strides they make, it becomes evident that the happiness of accountants is not just a reflection of their individual contentment but a barometer of the health of our financial ecosystem. After all, a happier accountant means a happier profession, contributing ultimately to a happier society.
Marcello Bertasso is Head of Underwriting & Claims Management at PPS Mutual
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