A mental health crisis is looming among small business owners – with 82% reporting that their mental health has already declined due to the pandemic, as more challenges await the self-employed.
A study by small business insurance provider Simply Business revealed that almost half were worried about their mental health in 2021, with one in five believing their mental health was in a ‘bad’ place due to the pandemic.
Overall, a third experienced depression, three in five have been affected by stress and over half have suffered from anxiety. With SME owners still facing challenges in 2022, there continues to be a risk to small business owners’ mental health.
These statistics are particularly concerning when paired with the difficult circumstances many still find their businesses in, due to the pandemic. More than half live in fear of future lockdowns and the impact it could have on trade.
Meanwhile, one in five believe supply chain issues will hit them hard – with ongoing challenges in getting goods to customers, or sourcing the stock they need. A further fifth have experienced difficulty bringing in enough customers to help with their financial recovery from Covid-19.
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Risk for small business owners’ mental health as half still live in fear of future lockdowns