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.

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.

The Five Ways to Wellbeing was developed by the New Economics Foundation in 2008, where their project collated research from around the world on proven actions that can help us feel good. Wellbeing is a term that has gained popularity in recent years but in its simplest form it is a state of being comfortable, healthy, or happy. In a broader sense, it’s how satisfied you are with life, your sense of purpose, and how in control you feel. The framework is used globally in various ways to build more awareness on our collective wellbeing and help people take action to improve it. Each action can make a positive impact in our lives and most of us will engage with these activities without being aware of it. To get the most from the five steps, it is important to incorporate all of them on a daily basis. Why not try the five today? Connect Social connection is extremely important for our wellbeing. We are social animals, and our need for connection can help us feel happier, increase our feelings of security and safety and gives us a greater sense of belonging and purpose. Make time to connect with others each day. Nurture and invest in your relationships with loved ones.  This could be talking to someone rather than sending an email, speaking to someone new - possibly chatting to another in your local coffee shop or supermarket or taking time out to ask a loved one how they are truly feeling. Be Active Look for ways to be active each day. This doesn’t mean spending hours in the gym though; find an activity you can enjoy and try to incorporate it into your everyday life. Physical activity is intrinsically linked with lower rates of depression and anxiety. Why not take the stairs rather than the lift, go for a walk at lunch, or explore your local park – little changes can reap huge rewards. Take Notice Simply put, be in the moment. Being aware of the now can help you feel calmer and reduce stress. Take stock of what is around you and paying attention to the present – to your own thoughts, feelings and to the world around you. Keep Learning Be curious and ever learning! Continuing to learn throughout life can help boost our self-confidence and self-esteem. As adults, we can be time poor with other day-to-day responsibilities but simple activities such as learning a new recipe, getting around to that DIY project, doing a puzzle or setting yourself a new challenge can help achieve a higher level of wellbeing. Give Giving to others makes us feel good. When we give or help others, it activates parts of the brain associated with trust, social connection and pleasure. It provides a sense of meaning, improves our life satisfaction and mood, and can even reduce stress. Giving up your time to others can also help strengthen relationships or build new ones. Try to complete a small act of kindness today. Research into actions for improving happiness has shown that committing an act of kindness once a week over a six-week period is associated with an increase in wellbeing. And there you have it, the five ways to wellbeing! If you are struggling with your mental or emotional wellbeing, Thrive can help you on your journey to better emotional health. For wellbeing advice, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294.

Bad days happen. We all have them, those days when we feel a bit down or low and nothing seems to go our way. It’s normal to have a few down days every now and then but you don’t have to resign yourself to a bad day or let a bad mood dominate you. Here the Thrive wellbeing team shares some quick strategies for an instant lift in mood and help put a smile on your face.  Understand and observe your mood To manage our mood, we need to observe them and understand why we are feeling that way. If you are having a bad day, take note of your feelings – are you feeling sad, angry, frustrated?  Reflect on what happened that led you to feel like this and whether the day got worse or better. Observe where your mood is steering you and tell yourself that you can master and control your mood. Music Listening to music can have a major impact on how you are feeling. Research shows that music can influence our emotions as it can boost the production of dopamine and serotonin in the brain, which evokes feelings of happiness, relaxes the mind and body, and relieves stress. There are countless mood-boosting playlists on Spotify if you are looking for inspiration. Move Endorphins trigger a positive feeling in the body which helps instantly boost your mood. So, get those endorphins pumping by engaging in some movement – dance, shake your body, do some jumping jacks, or get outside for a walk. Any movement will help lift your mood and calm you down. Smile It sounds cheesy but it is amazing what smiling can do. Research has indicated that the simple act of smiling activates mood-boosting hormones and can literally ‘trick’ your brain into a state of happiness and improve your positivity. It can even boost your immune system. This applies to genuine and not-so-genuine smiles, so fake it ‘til you make it!  Release the emotions Suppressing or holding onto your emotions can lead to further negative thinking, it can even lead to physical stress on the body. So, it is always best to let it out. If you feel sad, allow yourself to cry. Feeling angry, scream. Feeling overwhelmed, mediate. Whatever outlet you choose, it is important to release the emotion and let go of the negative energy. Do something new Routine is good for us but switching it up from time to time and adding something that is out of the norm for us can really brighten up a day. Studies suggest that those who engage in a variety of experiences are more likely to retain positive emotions. Try a different coffee order, add a pastry with it, take a different route home, go to the cinema or even wear something you wouldn’t normally wear. Anything that challenges our routine a little will give you a lift. Do something nice for someone else A quick good deed or small act of kindness can go a long way to helping us feel more positive. Taking the focus away from yourself and doing something nice for someone else can make your feel good and instantly boost your happiness. Good Company Having a conversation with a friend or loved one is another great way to combat a low mood. Vent if you need to, as sharing can make you feel better and take the weight out of your feelings. A fun, light-hearted conversation will help put a smile on your and take your mind away from whatever is causing a low mood. If you find a low mood is persistent and impacting your day-to-day, you may consider seeking support. The Thrive Wellbeing Hub offers confidential wellbeing support such as a one-to-one listening service, wellbeing coaching, and professional counselling.   We also host a wealth of insightful and practical wellbeing webinars that may help you in your efforts, you can visit our Help & Guides page to view. For more advice, contact the team by email at: thrive@charteredaccountants.ie  or by phone: (+353) 86 0243294.

Maintaining and achieving good health is imperative for our physical and mental wellbeing. However, there are barriers that can get in the way of keeping our body and mind healthy, especially for men. Therefore, it is important to recognise what prevents or deters men from seeking help and support when it comes to their health. Here, the Thrive Wellbeing Hub explores these barriers and shares simple but effective steps to keeping healthy both physically and mentally. Knowledge & Awareness Although men are not a homogenous group, there are similarities when it comes to awareness and knowledge of health issues compared to females. Men are prone to engage in more unhealthy habits compared to females. Females on average have a higher life expectancy, males tend to have higher rates of obesity, a greater proportion of males smoke, and there is higher participation in binge drinking and drug use. Poor lifestyles are responsible for a large proportion of chronic diseases. The four main causes of death among males in Ireland are cancer, circulatory system diseases, respiratory system diseases, and external causes of injury and poisoning. It is suggested that men tend to be less informed about the risk factors, causation and symptoms of poor health and certain diseases. This lack of knowledge and awareness may prevent men from seeking help as they are simply unaware of the symptoms surrounding certain illnesses. Therefore, it is important for us to educate ourselves on the signs and symptoms of poor health. Perception As outlined above, men tend to adopt unhealthier behaviours and are at greater risk for all leading causes of death. However, men are less likely to consult or visit a health professional compared to women and perception is a significant barrier to males engaging in health-seeking behaviours. This is where the severity of a health concern is underestimated or brushed off as nothing serious. Late presentation to health services is a cause for concern and can lead to health issues worsening or becoming untreatable. It's important to take action as soon as you notice something isn't quite right. Stigma Gender roles and the construct of masculinity have been cited as barriers to men looking after their health, especially when it comes to mental health. Perceptions associated with masculinity can result in men being more reluctant to speak out on mental health issues or engage in help-seeking behaviour for fear of being seen as weak or not embodying the traditional and frankly outdated attributes of what is considered masculine. This stigma allows for men’s mental health needs to often fly under the radar. This is evident in the high suicide rates of males in Ireland. Of the 504 deaths due to suicide in 2020, 72.6% occurred to males (CSO).    Thankfully, this ideology is shifting, and men’s attitudes and awareness of mental health are changing. Being honest and open with yourself about how you are feeling and communicating this to loved ones or a mental health professional is so important. Proactive Steps Men and those who support them have an active role to play in encouraging and supporting men to take small steps to be proactive in both their physical and mental health. Let’s challenge ourselves to take action and incorporate small changes to help improve our overall health: Eat well Exercise and spend time outdoors Reduce alcohol intake Know the signs of poor mental health, suicidal ideations, and other health conditions Schedule a medical, arrange a blood test and engage in screening services and programmes Talk and Listen – Confide in a loved one or someone impartial, ask if everything is okay, listen and help empower the men in our lives to take action If you are struggling with your mental or emotional wellbeing, Thrive can help you on your journey to better health. For wellbeing advice, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294.

Self-compassion is the ability to treat yourself with the same care and kindness as you would a good friend who was going through a difficult and stressful time. 'Unlike self-criticism, which asks if you're good enough, self-compassion asks what's good for you, what do you need?' Kristin Neff Showing compassion to others When we are compassionate to others, we have an intention to be with them through the difficulties they are experiencing and to alleviate their suffering and stress in some way. This can often be very different to the way we treat ourselves through the challenges of life. How often have we provided support for someone we care about and yet end up criticising ourselves endlessly for our various perceived inadequacies or shortcomings. Many of us have been taught to put others first. But neglecting ourselves in order to do this isn't an effective or sustainable long term strategy without considering what we need to keep emotionally well. Maintaining the inner capacity to be there for our family, friends and colleagues is reliant on looking after ourselves well. Self-compassion means you are understanding and kind to yourself when confronted with personal failings and mistakes – after all, whoever said you were supposed to be perfect? Why we need to be compassionate towards ourselves Feeling stressed and being hard on ourselves is very common, especially in a culture which is increasingly performance and target focused. Loneliness and isolation are also increasing in our ever digitally focused world. If you are finding it difficult to manage the many challenges, threats and distractions of our modern world, you are not alone. With current figures of one in four people developing a mental health difficulty in any given year and the rising levels of distress within young people, many people are struggling to align life with their deeper values and needs. A self-critical and unkind stance towards yourself when you are going through testing times will only serve to activate the fight or flight stress response, clouding the minds ability to remain calm. Some people may feel reluctant to develop self-compassion as they might feel the notion is self-indulgent or self-pitying. But developing the ability and strength to face and manage our difficulties, without isolating ourselves from others and becoming absorbed in our own pain is the essence of courageous living. Being able to attend to your own difficulties and challenges wisely will enable you to have the spare emotional capacity to engage with others and life in a more helpful way. According to Kristin Neff there are three key elements to compassion: Self-kindness An ability to relate to ourselves with warmth and kindness. Common humanity The appreciation that we all suffer at times and you are not alone in these feelings. Mindful awareness The ability to view our difficulties in a balanced perspective so that we can keep engaging in life. How to develop emotional resilience There has been much interest in the effects of developing compassion within ourselves from a scientific perspective. Research has shown that people who score high on self-compassion: Cope better with adversities Take more personal initiative and responsibility Are less fearful of making mistakes and being rejected Are more emotionally intelligent, happier and more optimistic Take better care of themselves physically and emotionally The good news is that our compassionate self can be developed and enhanced through training and practice so that we become more attuned to supporting ourselves through the difficulties of life rather than sabotaging ourselves and making situations more unmanageable than they need to be. How to be kinder and more compassionate to yourself Be aware of your internal voice Becoming aware of how we talk to ourselves, the tone of voice we use and language we use gives us the opportunity to move from harshness to supportive tendencies. Noticing the good Being able to notice and celebrate moments of the day and our good qualities is an essential part of managing and balancing difficult times. Each day ask yourself: When have I been at my best today for someone else? What has been my best moment of today? Give yourself encouragement It is more effective to become your own internal ally and support system rather than your own harshest critic. Written by: Kirsty Lilley Kirsty has delivered mindfulness and self-compassion courses to a wide variety of workplaces during her career and is also a trained psychotherapist and coach. She has worked at a strategic level within organisations developing wellbeing policies and been responsible for developing training courses on improving mental health and wellbeing. Kirsty is committed to an integrated and compassionate approach when helping others to fulfil their potential. 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.