Mental Wealth: The Balance Sheet You Can’t Ignore

As chartered accountants, we’re trained to spot discrepancies in balance sheets, to calculate risk, and to manage financial health with precision. But what if we told you that the most important balance sheet, we’re neglecting isn’t in our client files, but in our minds? 

October is Mental Health Month, and this year, we’d like to shift the conversation from mental health to mental wealth.  

Let’s explain… 

The Hidden Liabilities
In the financial world, we’re hyper-aware of liabilities. We scrutinize every line item because we know what happens if those liabilities pile up—businesses suffer, cash flow dries up, and if left unchecked, the results can be catastrophic. But what happens when we fail to account for the hidden liabilities in our mental health?

In accounting terms, these hidden mental liabilities accumulate in the form of missed opportunities, reduced creativity, and low morale. And just like with financial liabilities, the longer we let them go unchecked, the more they drain our reserves. 

Assets of the Mind 
Now let’s flip the script. Just as businesses grow their financial wealth by accumulating assets, we can grow our mental wealth by investing in our minds.

Think about the mental assets we gain by taking care of ourselves—focus, resilience, empathy, and creativity. When we give ourselves permission to take breaks, unplug from the work frenzy, and prioritize well-being, we’re not shirking our responsibilities. Quite the opposite. We’re making an investment in the very asset that drives our performance: our mental clarity. 

Auditing Your Mental Health 
As accountants, we know the importance of audits. No business can thrive without taking a hard look at the numbers, seeing what’s working, and cutting what isn’t. Why should our mental health be any different? 

Take a moment this Mental Health Month to conduct a self-audit. Ask yourself: 

Mental Wealth Is a Shared Responsibility 
Here’s the thing: mental wealth isn’t just an individual endeavour. It’s something we need to cultivate as a company. In the same way that we foster financial health for our clients, we should be fostering a culture that prioritizes mental health for our teams. Let’s think of it as an investment in human capital. 

As a firm, we’re constantly evolving. We push boundaries in our field, we innovate, we grow. But let’s also grow in how we care for ourselves and each other. Whether it’s offering more flexible working conditions, normalizing conversations about mental health, or simply reminding each other to take a break, we can create a culture where mental wealth is just as important as financial wealth. 

Building a Sustainable Future 
At the end of the day, our greatest assets aren’t just the numbers we manage—it’s the people who manage them. The more we take care of our mental wealth, the better we’ll perform, the more innovative we’ll become, and the stronger we’ll be as a firm. It’s time to make mental health a permanent line item on our balance sheets, ensuring that we’re all in the best possible position to thrive—both professionally and personally.