PQs Struggling to Make Ends Meet

Nearly three-quarters (72%) attributed their struggles to rising accommodation (mortgages and rent), and other household costs. One in three identified work-related stress and burnout as contributing factors.

Increasing numbers of ACA students are struggling with the ongoing cost of living crisis, with one in five (19%) admitting they have experienced financial hardship in the last 12 months.

A new study from caba, the occupational charity for ICAEW member, students and their families, said PQs are not alone, with one in 10 ICAEW members saying they too had experienced financial issues.

The main causes of the hardship are consistent across all groups. Nearly three-quarters (72%) attributed their struggles to rising accommodation (mortgages and rent), and other household costs. One in three identified work-related stress and burnout as contributing factors.

The pressure is not just emotional - many students are relying on credit to manage essentials. More than a quarter (28%) of ACA students surveyed used credit cards to cover basic purchases in the past year, double the proportion of current members (14%) and five times that of former members (5%).

Meanwhile, over two-fifths (44%) expressed concern about affording emergency expenses, and half said they had little or no emergency savings.

Commenting on the findings, Cristian Holmes, Chief Executive at caba, said:

“This data confirms what we’ve been hearing from the people reaching out to us: ACA students are under growing financial pressure. Many are entering the profession at a difficult time where they’re facing rising living costs, the uncertainty of early career stages, and in many cases, no financial safety net.”

“At caba, we're already seeing a 50% increase in enquiries from students compared to this time last year. That’s why we’re expanding our work to make sure support is accessible before things reach crisis point. Whether it’s financial grants, debt advice, or confidential counselling, we’re here to provide practical help that makes an immediate difference.”

Worryingly, the effects of the ongoing cost of living crisis can be felt far and wide. Among those experiencing financial hardship, six in 10 ICAEW members have cut back on non-essential spending, while four in ten are cutting back on essentials such as heating and hot water.

The study also highlighted that to cope with economic adversity, almost two-thirds began to switch to cheaper alternatives while buying food and other goods, while over half have been using budgeting apps to track expenses.

For more information on caba’s services and how to access support, visit: https://www.caba.org.uk/what-we-do/support-we-offer.html.