Accounting qualifications can provide the key to navigating cost-of-living crisis says AAT

• AAT research shows three-quarters of finance professionals feel prepared amid rising costs.
• National Work Life Week encourages people to think about work-life balance and crossover.
• Businesses with trained accounting experts are benefitting from expertise.

Research released today (Monday 10 October) commissioned by the Association of Accounting Technicians (AAT) has shown the benefits to employers and employees of having trained finance professionals amid the current cost-of-living crisis. 

With today marking the beginning of National Work Life Week, it is more apparent than ever that a strong practical skillset accompanied by a healthy work-life balance can be the key to increasing wellbeing and enterprise at home and in the workplace.  

Today’s data shows two-thirds of respondents working in accountancy and finance feel the skills they have developed at work and in training are helping them to plan for rising living costs, with seven in 10 feeling positive about being able to handle such challenges in the future. 

Seventy per cent noted using their financial skills more outside of work in the past year, with thirty per cent offering monetary advice to friends and family.  

Sarah Beale, AAT Chief Executive Officer, said:  

“For many people today, the cost-of-living crisis represents the biggest financial challenge they have faced in their lives. This goes for business owners and entrepreneurs fighting to maintain profit margins, and employees battling to stay on top of everyday household, travel and general expenditure costs.  

A vital resource for anyone in these situations, is financial literacy. Having AAT qualified members in any business can provide huge support in cutting costs, financial planning and helping a business grow even in challenging climates. This equally applies to financial planning in these people’s personal lives.  

“National Work Life Week is a great opportunity for employers and employees to think about these transferable skills and how beneficial they can be inside and outside the workplace.”   

The positive impact of accounting skills and qualifications on businesses is also apparent from the research, with employees reporting increased job satisfaction and development prospects.  

Three-quarters of respondents agreed that small and medium-sized businesses can especially benefit from having in-house financial experts during such challenging periods. 

As well as offering a range of financial qualifications, AAT gives small businesses free advice on financial management through Informi.co.uk – the web platform funded as part of AAT’s charitable activity.  This is alongside AAT Essentials courses focused on getting down to basic financial management.