Research conducted for National Work Life week shows the Association of Accounting Technicians’ Qualifications help employees better manage finances at work, at home, and in the community.

Research conducted for the Association of Accounting Technicians (AAT) as part of National Work Life week shows that as well as increasing job satisfaction and improving talent retention, AAT qualifications are helping employees to better understand and navigate the cost-of-living crisis.

Around two thirds of respondents working in accountancy and finance say the skills they have learnt at work are helping them to plan for rising living costs, with seven in ten saying they now feel prepared for any future cost increases and positive about being able to handle them.

Seventy percent of respondents noted using their industry skills more outside of work over the past year, with thirty percent offering financial advice to family and friends and one in five using their accountancy knowledge to help support charities or the community.

The research shows AAT training and qualifications have had a positive impact on businesses too, with employees noting increased job satisfaction and career development prospects.  Seventy-five percent of respondents agreed that SMEs benefit from having financial experts in the workplace.  By upskilling their workforce to carry out key roles in accountancy and bookkeeping, employers are improving talent retention and bringing in house roles they would have otherwise outsourced.

 

Sarah Beale, AAT Chief Executive Officer, said: “ “For many people today, the cost-of-living crisis represents the biggest financial challenge of 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 vital 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 – and we’re seeing financially-trained professionals feeling better equipped and more empowered to navigate through the rising cost of living.

“This new research, conducted for National Work Life week, shows the benefits of AAT qualifications outside of the workplace; enabling individuals to better understand and navigate the cost-of-living crisis and financially plan for the future, for themselves, family and friends and community organisations.

“National Work Life Balance 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.”