Practically, financial wellbeing is important because it gives us the ability to meet our needs and beyond that, achieve our goals. But it also has an emotional dimension. With financial wellbeing comes optimism, confidence and a greater sense of control over your own life.
CABA’s specialist debt advisor, Paul Day explains more about the importance of financial wellbeing...
If you have enough money to meet your current, day-to-day needs, you may feel reasonably financially secure. But what about the future? Financial difficulties are often the result of unexpected circumstances beyond our control. Redundancy, illness, or the breakdown of a relationship can happen to anyone, at any time. And changes in the wider economic, social and political landscape such as increases in house prices, the cost of education and taxes affect all of us.
Being a chartered accountant doesn’t make you immune to the ups and downs of life. Planning ahead and knowing where to go for support and advice if you need it, can make it easier to maintain your financial wellbeing through it all. Taking action sooner rather than later is key.
Click on one of the 5 buttons below to access a tailored toolkit of free services and self-help resources relevant to you.
CLICK HERE for advice and support to help you meet your monthly outgoings, tackle problem debt and improve your financial security.
CLICK HERE for advice and support to help you plan and prepare your finances for the future you want.
CLICK HERE for advice and support to help you manage your expenditure and secure your future.
CLICK HERE for advice and support to help you manage your financial wellbeing as a parent or carer.
CLICK HERE for advice and support to help businesses and employees reduce the impact of money worries on success in the workplace.
Build the foundations of your financial wellbeing with free help and support from CABA.
All of our services are free and strictly confidential. They’re available to all past and present ICAEW members, ACA students, past and present ICAEW staff and their close family. Click here for more information on who is eligible for our support.Click here to complete our online enquiry form
A short-term grant can help you meet a monthly shortfall while you get your budget back on track, or cover one-off unexpected costs such as rent, household goods or health and carer support. All of our financial assistance is means-tested.*
*Our financial support is means-tested. This means we take your income, capital, assets and expenditure into account when awarding financial support.Submit an online enquiry form
We can negotiate with your creditors† and help you budget, plan and prioritise to get back in the black.
†Debt advice can be provided to clients living overseas whose debt is in England & Wales.Submit an online enquiry form
Speak to an experienced legal advisor about capital gains tax, inheritance tax, wills, probate and power of attorney, financial arrangements during separation or divorce and more. Living outside of the UK? Our partners at Law Express can offer advice on UK law or connect you with a local legal professional in some European countries. We can also provide legal advice in Australia.Submit an online enquiry form
Did you know that not all UK benefits are means-tested? We’ll help you work out what you can claim and support you with your applications. If you live outside of the UK, we can help you find out if there are other forms of financial support available where you live.Submit an online enquiry form
Money worries can take their toll on your mental wellbeing. Talking things through with someone independent can make it easier to see a way forward.Submit an online enquiry form
If you’re unsure how to approach the subject of your finances with loved ones, the relationship experts at Relate can help (available in the UK only).Submit an online enquiry form
Get back into work or find your next role with the support of a professional career coach.Submit an online enquiry form
CABA’s financial wellbeing support has helped hundreds of people get their finances back on track and prepare for the future they want.
‘My husband suddenly became very ill and to our horror he was diagnosed with leukemia. He had to be off work for 6 months, but his sick-pay entitlement was less than 2 months. It was a matter of weeks before our income started to dry up. CABA helped me apply for various state benefits, but they also recognised the emotional toll it was taking on me. They also suggested I apply to them for financial help because we just couldn’t make ends meet. It meant I could focus on my husband’s health and my unborn baby, instead of trying to think of how we were going to cope financially. ’
‘As a contractor, when I’m not working, I don’t earn anything. It was the start of the recession so our finances were stretched anyway. That was when I began to get quite ill. It was looking like at least a year before I could work again. All our credit cards were maxed out, I was looking at defaulting on debts. CABA started dealing with the creditors for me – explaining the situation and putting things on hold. They also have specialists that know what benefits you can apply for and they helped me put the applications in. They also worked with me to plan a reasonable household budget and awarded me a grant to cover the shortfall until things got straight.’
‘I took the opportunity of forming a company with some very big players, and we all decided to invest our own money. I raised my part with a loan against our house. I was the first to sign, and then there was a gap of about a week before the others were due to sign. Unfortunately, this was exactly when the financial markets started to crash. My business partners refused to sign, and I was liable for everything. In short, we lost our house. Then we were struck by 2 terrible bereavements. CABA supported us to move to Germany to be near our extended family. We should have been able to build a strong financial base from there, but then we had more setbacks. My health failed. They helped us financially when we needed a stair-lift, a more accessible bathroom and to improve access to the garden.’
‘Over the years we’ve learnt to get by on my income, but my husband had a bad few years and credit cards felt like the only option when there was a gap between what I earnt and what we needed to get by. When the debt became too much I sold our house and bought another one that cost less so we could pay stuff off. But it all happened again. I was facing a shortfall of about £500 a month. When it was all laid out it became clear that we were about £50,000 in debt. CABA got in touch with all the debtors, explained what the situation was, and helped me make an agreement about payment plans. When we needed to spend a bit on keeping our car going, CABA also agreed to support us with a small grant so that we didn’t get into difficulties again.’
‘My husband and I joined forces and started a construction company. But we grew too fast, we trusted the wrong people, and in no time at all we went from being a very viable company to being in serious financial difficulties. The stress was unbearable, I needed to find over £5,000 a week just to cover payroll. We used credit cards to pay wages and borrowed from our parents. A lot of organisations were coming after us for money. After listening to everything CABA offered to help me prioritise the debt and said they could negotiate with the creditors on my behalf. I was told I could apply for some short-term financial assistance. At that point I literally burst into tears with relief.’
‘Asking for help is a challenge for people of our generation. CABA were exceptional – from the very first instance. They are respectful, non-judgemental, and very understanding. CABA have done so much to improve our quality of life. They helped us work out a payment plan for outstanding debt. They contributed towards the cost of a carer who visits twice a day to help my husband get up and shower in the morning, and get him ready for bed every night. Canadian winter fuel bills are very expensive so it was an enormous relief when CABA helped us pay those. They helped us buy a wheelchair too.’
‘I realised that my savings just weren’t enough to keep me going while I looked for work. I felt a lot of pressure because I’m the only person who earns in my family and I provide for everybody. I contacted CABA and they were so supportive. They asked me to make a budget of everything I was spending. We then looked at it together and they offered me a monthly grant for a short period to help me look for a job. Without CABA I probably would have had to get an irrelevant job that would have taken all my energy just so I could survive. Instead, I’ve found opportunities to use my skills and training that I’d worked so hard for.’
‘We knew that adopting two toddlers was going to impact us financially. My wife gave up work so she could look after them full time. I’m an accountant, I know how to plan, how to manage money, and my income was adequate to meet our needs. What I didn’t predict was the effect the recession would have on the business. Before I knew it, a couple of big clients were late paying, then a big client went under – owing me a lot of money. Before long we were paying one credit card with another one, then missing payments, then there was the interest on missed payments. I knew about CABA but I was reluctant to get in touch. I don’t know why – call it male pride or whatever, but it’s about how you see yourself. I wish I’d got in touch with CABA earlier. They weren’t judgmental – and they’d heard it all before. They knew how to deal with the creditors and together we worked out a debt repayment plan, and a plan for me to boost my income over time so that eventually I can increase the repayments.’
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