When we think of wellbeing, we usually think physically and mentally but there is another important aspect to add to the mix, financial wellbeing. Financial wellbeing is a term used to describe our ability to confidently manage our money, how prepared we are for the unexpected, and how we can save and plan for the future. It is an aspect of wellbeing that is often overlooked, but financial wellness can dramatically impact our quality of life. Financial difficulties can impact anyone including accountants. Here we look at financial wellbeing, its impacts on our mental health, and how we can improve our financial wellbeing. Financial Wellbeing and Mental Health With the current economic factors at play, financial worries are a main concern for the vast majority of the population and financial worries can have a major impact on our mental health. While it is true money can’t buy happiness, multiple studies around the world show that finances are one of the most common causes of stress and anxiety, which can impact our health, work, relationships, and many other aspects of our life. According to research conducted by PWC in 2023, almost half of Irish consumers are concerned about their personal financial situation. A national survey carried out by Aware found that financial worries were the number one cause of concern with 57% stating it was impacting their mental health. Laya healthcare’s workplace wellbeing index found that of the one in four people who reported poor mental health, two-thirds cited financial concerns as the cause, more than any other problem. These few figures highlight just how prevalent financial concerns are and how much of a toll they can take on our mental health. Feeling anxious, experiencing low mood, or losing sleep if you are struggling to control your finances is a totally normal response but in the long term can have a devastating impact on our lives, even fuelling and escalating our financial trouble.    How to invest in your financial wellbeing If you want to ease money worries or simply want to feel more in control of your finances, there are thankfully many simple and easy ways to do just that. Spending sprees The first step is to look at your current spending habits and identify just where your money is going. By reviewing your bank and credit card statements, you can tally your outgoings and expenses. Categorise the type of spend into different groups, this can help you identify areas where you may be overspending and where you can make changes. We can all overspend sometimes or have weeks that are more expensive, but when it becomes a habit, it can be hard to break.  By tracking your expenses, you can get a better overall picture of your spending habits and triggers. Money aspirations Write down your financial goals and consider what you want to achieve in the short and long term, this could be clearing off a credit card, buying a house or building a rainy-day fund. Having financial goals give you a clear objective to work towards and can help keep you motivated to save and stay on track. Budget   Creating a monthly budget is a surefire way of getting control of your finances. Figure out the amount that goes on your essentials expenses and then budget for the week and month ahead. For help with this, there is a wealth of free online budgeting tools and templates at your disposal. In debt to you Once your budget is going to plan, if you have accrued any debt now is the time to begin clearing it. Sort your debt from the highest interest rate to the lowest interest rate and use any extra cash to begin clearing off these debts, starting with the higher interest rate and continue moving your way down the rates.   Saving grace It can feel like any money you earn is eaten up by expenses and there is simply no money left for saving. Even when money is tight, it is important to begin setting money aside for the future. If you don’t already, set up a savings account and transfer any remaining money over at the end of the month. Even if it is just small change. Or another approach, termed ‘paying yourself first’ is set up an automatic transfer of money into your savings account as soon as you get paid.   Seek advice If financial troubles persist despite your best efforts, you may consider seeking external financial advice. A financial advisor can view all aspects of your financial wellbeing with you and identify areas and aspects where you can make changes. Supports available to you A common preconceive notion is that financial professionals should be in good financial health due to their professional background. However, like anyone in society, accountants from all walks of life can struggle with poor financial wellbeing for a multitude of reasons. From the work of CA Support, we see the causes and impact financial difficulties have on chartered accountants. Perhaps a period of illness, unemployment or upheaval has created a financial burden and we know financial problems can often deteriorate quickly. If you are struggling with financial difficulties, CA Support provides emergency assistance to Institute members, students and families experiencing turmoil. Or if you are in a healthier position, you may consider donating to CA Support to help support members and families in our community who are less fortunate. Improving your financial wellbeing can take time and effort but by building small and healthy habits, you can alleviate money-related stress and anxiety. However, if you are struggling with any emotional toll, the Thrive wellbeing team is also here to help.

"I look back on her teenage years as being the loveliest stage of her childhood" said no parent, ever. Living with teenagers can be stressful, exhausting, sometimes fulfilling and certainly unpredictable. Here’s some thoughts on how to help your child transition to a happy and healthy young adult, whilst keeping your own professional and personal life on track. Remember you are the expert on what’s right for you and your family, these are only ideas. Be a role model for a happy, healthy and meaningful life Teenagers don’t appear to listen to what we say, but they certainly copy what we do. Pay attention to your own diet, exercise, sleeping habits, alcohol consumption, over-work and other life style choices. That includes letting them observe you having fun and making time for things you enjoy, as well as working and being a parent. It’s not selfish to have outside interests and let your children see that life is for living. Don’t pretend to be a clean-living paragon when you are not. It’s much better for them to see you balance a few days of healthier living to make up for a period of excess, whether through work or play. That’s real life. Turn off the digital devices Teenagers are notoriously critical of their parents so don’t make it easy for them to call you out on double-standards. You can’t expect them to make conversation with you if you are checking your own emails at the dinner table. Try to make some family rules about screen time and stick to them Talk, don’t bottle up your emotions It’s normal to feel frustrated, overwhelmed, and tired from time to time. It’s also normal to feel frustrated or angry with your teenager sometimes too. Reach out to people who will support you. At work, advice and feedback is usually helpful. In our personal lives, you don’t necessarily need advice, just someone to listen to you non-judgementally. It’s ok for your teenagers to see that you can feel vulnerable or overwhelmed from time to time. They will learn how to deal with stressful situations from observing how you cope. Avoid comparisons Other people’s children may appear to be coping much better than yours, and other parents appear to be managing their life and career better also. That may be true, or it may not be. Surround yourself with a supportive network and don’t judge your own family life or other people. Life is a marathon not a sprint. If your children are facing difficulties now, then they will learn from their mistakes and build resilience. Don’t beat yourself or them up for not being perfect. You may even have to relax your high standards – maybe one relaxed, home-cooked meal with all the family round the table each week is enough to aim for? Create an easy space to talk As teens become increasingly independent they often spend more time with their friends than their family. This can feel like a rejection. Try and keep the lines of communication open. It is essential to invest your energy in maintaining a good relationship, even when they have trouble communicating. Talk to them about what you are up to, and perhaps they’ll reciprocate. Find the best time to get them to open up. Many parents say that their teens talk to them when they are taxi-ing them around. If your children are more relaxed in the early evening, then grab a cup of tea and chat to them when you get home, rather than rushing to do chores or doing work. Ditch the guilt Some days you simply have to put your professional life first to cope with the demands facing you. That’s modern life and that’s how you pay the bills. Don’t beat yourself up about it. They’ll respect you for your achievements, even if they don’t show it right now. No one says it is easy to balance work and family life. Smaller children are tiring but they are easier to control than stroppy teenagers. It’s hard for many of us to let go, particularly when we are usually in the driving seat in our personal and professional lives. Pick your battles carefully. Like all childhood phases, this won’t last for ever. Thrive is the Institute's dedicated wellbeing hub that offers emotional support and advice. Looking for more parenting advice, check out our “Back to School”- Managing the Year Ahead webinar. Written by: Zena Everett, Executive Coach. Article reproduced with the kind permission of CABA, the organisation providing lifelong support to ICAEW members, ACA students and their close family around the world.

We all experience periods in life that contribute to increased stress levels and anxiousness. Be it exams, a work deadline looming, moments of uncertainty, crisis, or big life events.  However, it is how we cope through life’s ups and downs that is important. Maintaining good wellbeing is a crucial aspect of living that can help us endure and cope with periods of stress instead of floundering or struggling to cope effectively. And breathe… In moments of stress or anxiety our breathing patterns change.  You might notice your breath is shallow, out of sync or you might find yourself holding in your breath at times. This creates a vicious cycle as out of control breathing is caused by stress but also causes stress, prolonging the symptoms and making them worse.  Whereas deep, controlled breathing has the opposite effect. A slow and steady inhalation and exhalation signals the parasympathetic nervous system to calm the body down. As our breathing is an automatic, unconscious, habitual function of the body, we might not even notice how we are breathing. Therefore, it is important to tune into your breath.  There are countless breathing techniques which helps relax the body and mind, but the general aim is to shift from quick, shallow upper torso breathing to a slow, deep abdominal breath.  Take a minute to focus on your breathing and its pattern. Then place your hand on your stomach and strive to feel the abdomen expand and contract as you breathe in and out. Pay attention to how you feel after engaging in this breathing technique, you are sure to feel calmer.  Food for thought  We all know the tendency to comfort eat when feeling stressed or emotional and it can be tempting to seek out sugary, high calorie, high fat foods for instant gratification or out of sheer convenience. This response however only works in the very short term and again can aggravate our stress levels.  Stress and anxiousness can create digestive and gut issues. Simple things like drinking more water to stay hydrated, reducing your caffeine intake and eating three balanced meals each day can help. Stress can leave your energy reserves depleted and low on essential vitamins and minerals.  Consume plenty of wholesome food that is rich in good nutrients.  Foods high in Vitamin C are understood to reduce anxiety levels while green leafy vegetables and nuts are high in magnesium which can regulate our stress hormones.  Rest and digest  For our brain to function optimally it needs rest and this responsibility falls to the parasympathetic nervous system, also known as the rest and digest system. The parasympathetic nervous system slows our stress response by releasing hormones that relax the mind and body and is where digestion, detoxifying and healing occur.  To activate the rest and digest system, there is no other option but to relax. For some that is mediation, practising yoga or indulging in some self-care.  Self-care has become a popular notion in recent years, but it is not all bubble baths and face masks. Forms of self-care can be spending time in nature, exercising, reading, journaling, colouring, tidying your surrounds or spending time with loved ones. Simply put, self-care practises are tools to help ease our response to stress and enhance our body and mind’s ability to rest, reflect and replenish.  It is important to also take regular breaks throughout the day, a brief pause in momentum allows the brain space to think and process information and brings clarity that helps you feel in control and ultimately reduce stress.  Get some ZZZs The power of sleep to regulate our stress levels should not be underestimated. Stress and anxiety can lead to sleeping problems and a lack of sleep can affect your general wellbeing – again another vicious cycle we can find ourselves in.  When we are not getting enough sleep, it is more difficult to regulate our mood, emotions, and reactions, can affect our concentration, memory and even lead to poor decision making. It’s not always possible to get as much sleep as we would like, generally we should be aiming for at least 5 hours of sleep a night but ideally, we should aim for 7-8 hours. To feel well rested, it is important we develop habits and routines that aid our ability to drift off.  Create a healthy sleep routine by going to bed and getting up at the same time every day, avoid lie ins and naps that can then disrupt our natural sleep cycle.  Start your own personal wind down by creating a night-time routine that you then begin to associate with sleep. It can be as simple as brushing your teeth and washing your face, developing a night-time skincare routine, reading a book or stretching.    This is one of the harder habits to develop but try to limit your use of technology an hour before bed. Our devices keep us awake and stimulate the brain through the activity itself but also from the blue light emitted from the screen. Most phones these days have a blue light filter and can be scheduled to switch on at a certain time.  Thrive is the Institute’s dedicated wellbeing hub which provides emotional and practical support to our members, students and their family members for life. Should you find yourself in a difficult situation, the team at Thrive can help steer you through life’s ups and downs. Talk to us today on mobile: (353) 86 024 3294 or email us.

Here, Dee France, Member & Student Support and Well-being Lead at Chartered Accountants Ireland, explores what diversity and inclusion means in the workplace, the important role it plays for employee well-being, and why employers should foster a culture of belonging and inclusion. Diversity and inclusion (D&I) has become a driving force in the changing organisational landscape. Companies and business leaders are placing greater emphasis on their approach to D&I and are embracing policies and strategies to create a more diverse, fairer, and resilient workforce.  Employee well-being and D&I are closely connected. In fact, employee well-being awareness can be seen as an intrinsic element of a company’s effective D&I strategies and policies.  An essential and significant feature of good overall well-being is our feeling of purpose and belonging. Programmes and initiatives that promote inclusion, diversity, and belonging can support and cultivate positive employee well-being. In its entirety, D&I in the workplace can have an impact on our overall happiness at work.  Emotional tax Employees from diverse backgrounds who experience a non-inclusive workforce can face an additional burden of an ‘emotional tax’ – the experience of being treated differently from peers due to race/ethnicity or gender, triggering adverse effects on health and feelings of isolation and making it difficult to thrive at work. This emotional tax can have an extremely negative impact on employees’ mental health and wellbeing. Feeling undervalued, overlooked, or excluded due to your identity can heighten a person’s vigilance to protect themselves from acts of bias or prejudice. Thrive, Chartered Accountants Ireland’s dedicated well-being hub, continues to receive regular calls from our members and students who seek support from the damaging impact a non-inclusive workplace can have on their wellbeing.   Managing diversity and inclusion  Implementing effective and successful D&I strategies and policies can take time, but a coherent and structured approach to these ensure that work practices and values support an inclusive culture that embraces different people, views, and perspectives. Producing a D&I policy allows a company to go above and beyond legal obligations and set a standard of expectation for the organisation and for its employees.  There are several ways companies can begin to incorporate inclusivity into the workplace.  Leadership and employee training  Providing training for leadership, management and employees increases awareness, aids the understanding and engagement in the company’s values and policies, helps embed these initiatives into the culture of the workplace, and allows for the development of empathy for others.  Employee network groups  Building an employee network group is an effective way to allow people to connect with others from different groups, and raise a sense of belonging, affinity, and kinship.  For example, the Institute has several different committee groups such as Balance, our LGBTQ+ committee, Student Committee, and D&I committee.  Open communication and feedback  Developing open and clear communication channels that are easily accessible to employees breeds better dialogue. It ensures employees and managers alike feel safe in airing grievances, giving feedback, and the feeling of being heard and valued.  Employee surveys on D&I initiatives allow companies to take onboard employees’ experiences and action feedback. It permits companies to assess if policies and strategies are working and evaluate and benchmark their efforts from year-to-year.  The Thrive Wellbeing Hub provides counselling, wellness coaching, practical advice and more to all members of the Institute. You can contact the Thrive wellbeing team by visiting our website, via email at: thrive@charteredaccountants.ie, or by phone: +(353) 86 0243294. 

Aoife Hughes outlines what life-work balance is and the steps you can take to break unhealthy habits and achieve equilibrium Life-work balance often feels unattainable as we have a lot of time competitors, all champing at the bit to claim time and energy from us. Life-work balance can be defined as a series of habit changes, powered by a permission mindset, vision, strategies and systems. The metric of success is time to invest into your self-care. Here, I outline some key steps you can take to achieve the ultimate life-work balance. Permission to embrace self-care First, build a permission mindset to invest time into your self-care. This is a term that often incurs frustration as we feel we ‘don’t have time’ to invest into self-care. Self-care can be seen across three lenses: physical, emotional and social health. They can be interlinked. Self-care is a strategy to manage emotional stress to ‘find calm in the chaos’. We all experience chaos in life. ‘Big’ chaos can involve life-changing events such as moving house, having children or falling ill. ‘Small’ chaos is the day-to-day stress from getting to work on time, deadlines and cooking dinner. Building boundaries and prioritisation are critical components to managing self-care and stress. To deal with the chaos, and care for yourself, identify when you are stressed by noticing when your heart starts racing and you can’t concentrate. Manage this by inhaling for four seconds, holding your breath for seven seconds and exhaling for eight seconds. Future vision Design your ideal life-work balance by visualising what you want. Then, define your core values. These values are the deeply-held beliefs that guide your behaviours and decisions. Building awareness about limiting beliefs that impact your thoughts, emotions and habits is key to implementing change. Creating your goals involves change – something that is not easy as we are not conditioned for change. We are wired to stay within our comfort zone as we don’t have any emotional connection with something that we have not yet experienced. To achieve your goals to reach your vision, you need to break old habits and start building new ones. You can do this by identifying one goal to help you reach your vision. Change one limiting belief to build or break a habit to reach your goal. And if you need extra help, the How to Run Your Home Like a Business Framework supports habit changes with strategies and systems to manage the physical and mental load that comes with home and family life to make room for self-care. Building strategies Building a strategy to manage your home and family life involves identifying your ‘partner in the business’. This can be your roommate, family member or life partner. Create a plan for the work associated with the home and family. Look at the projects and tasks that need to be completed on a daily, weekly, monthly, quarterly and annual basis – just like how you would approach project management in the workplace. Next, look at your internal team, which could be your immediate family, and identify who your ‘village’ are. Leadership and asking for help are key to achieving success with implementing your strategies. Finally, identify what projects you would like to complete in your home. Manage when you would like to have these projects completed by creating a prioritisation plan. Systems management Now that you have your strategies and team in place, building systems and delegation are the final components. Identify what your key pain points are in terms of managing the physical and mental load that comes with home and family life. Give yourself permission to set a budget and invest in solving problems by expanding your team with external suppliers. For example, hiring a cleaner to manage weekly tasks will lighten the physical and mental load that comes with the home. The key cyclical tasks related to the home are cooking, laundry and dishes. They come with a heavy workload as they need to be managed regularly. Delegate ownership around these tasks by playing to the strengths of each partner. Delegation can be challenging. Working with the ‘progress over perfection’ mantra and accepting that tasks may be approached in a different manner, can help to overcome some of the challenges. Leverage planning tools and applications to streamline the systems you create to save time. Identify who owns a task that needs to be managed weekly, then create a system and schedule this task with an online calendar or app. Begin at the start Life-work balance is a fitness – you decide how far you want to take it. The hardest part is starting. Once you build your permission mindset and vision, however, you’ll soon find that the rest will fall into place. Aoife Hughes is the founder of FRAZZLE

Swapping self-criticism for self-compassion can help us to become more resilient, overcome difficult situations and boost our mental health. Dee France, Thrive’s Wellbeing Lead, explains why. “You are your own worst critic” is a popular phrase for a reason and will resonate with many of us. Our inner critic can be very harsh, and while we shouldn’t outright ignore it, we also shouldn’t give it more attention than it deserves. In fact, it could be argued that a healthy dose of self-doubt and criticism is necessary as it allows us to monitor our behaviour and check ourselves. However, overwhelming negative self-talk and being too critical of oneself can be damaging and detrimental to how we live our daily lives, not to mention the devastating impact it can have on our mental health. This is where a level of self-compassion is needed. Humans are collectively compassionate beings, showing a great deal of understanding and kindness to others, but we aren’t always great at being kind to ourselves. Where self-criticism asks, “am I good enough?” self-compassion asks, “what’s good for me?” Instead of dwelling on mistakes, past failures and judging and criticising yourself for various imperfections or shortcomings, self-compassion means you are understanding and supportive of yourself. How do we develop self-compassion? Like any skill, developing a sense of self-compassion requires time, practice and patience. As a leading researcher in self-compassion, Doctor Kristin Neff theorises that there are three core fundamentals to self-compassion. Mindful awareness This involves being aware of your thoughts and emotions and taking a balanced and mindful approach to both, neither suppressing nor exaggerating, but simply acknowledging your feelings without judgment. Self-kindness This involves caring for yourself the way you would a friend or family member going through a difficult time. When we are faced with challenging situations or have feelings of inadequacy, rather than beating ourselves up, we are instead supportive and encouraging of ourselves. Self-kindness gives us the security and perspective to put ourselves in a better frame of mind to cope with any challenges we may experience. Common humanity Self-compassion is rooted in common humanity. When we make a mistake, it is common to think we are the only person in the world who is flawed. Common humanity is recognising that everyone is flawed, vulnerable and imperfect. It is important to acknowledge that we all make mistakes and have our own insecurities. Nobody is perfect and this is something that connects, rather than separates, us. Self-compassion and wellbeing Self-compassion can be thought of as being self-indulgent or feeling sorry for ourselves, but developing the ability to cope and manage our difficulties is good for our emotional wellbeing. Research studies show that those who are more self-compassionate benefit from better mental and physical health. Further, people with higher levels of self-compassion tend to be more resilient, have a less physical response to stressors and spend less time dwelling on situations after they have happened. Self-compassion involves recognising strengths and achievements, which, in turn, boosts our self-confidence and self-belief. A study by the Universities of Exeter and Oxford found that self-compassion can immediately calm your heart rate and lessen stress responses. Study participants also demonstrated a general state of relaxation and security and reported a stronger sense of connection to other people. Exercising self-compassion makes you more likely to: engage in healthy behaviours such as exercise, eating better and better sleeping patterns; be less fearful of making mistakes, rejection or change; display higher levels of emotional intelligence, happiness and optimism; handle and cope with adversity and difficulties better; and demonstrate healthier boundaries in both your professional and personal life. Practising self-compassion There is a vast array of ways we can cultivate self-compassion. To get started, there are plenty of helpful resources, tools, exercises and templates available online. Below are a few ways you can start showing yourself a little more kindness and understanding: Practice mindfulness and self-reflection: learn to observe and evaluate your thoughts; activities such as journalling and meditation can aid this. This encourages you to be curious and self-aware, understanding that your thoughts and assumptions are just that – they are not facts. Reward and celebrate: celebrate your successes and achievements. Practice gratitude and celebrate moments of positivity and kindness. Keep a list of personal strengths to review in moments of self-doubt. Take a break: time away from your day-to-day routine and a change of scenery can help you keep things in perspective. Strengthen your connections: kindness is contagious! Showing love and understanding to the people around you means you are more likely to show yourself the same compassion. Do things you enjoy: spending time on our passions, hobbies and interests is good for the soul and brings a sense of satisfaction and achievement. Thrive is the Institute’s dedicated wellbeing hub that offers confidential wellbeing support to students and members. For more advice or information, check out Thrive’s Wellbeing Hub. Alternatively, you can contact the team by email at thrive@charteredaccountants.ie or phone at (+353) 86 024 3294.