Many small business owners suffer mental health decline due to pandemic

A third of small business owners admit that their mental health declined considerably over the course of the pandemic.

This recent FSB report coincides with the UK’s launch of Mental Health Awareness week.

Surveying 1,000 business owners, the FSB found that the pandemic, along with the lockdowns and worsening late payment culture that came with it, has had a detrimental impact on their mental health.

Of those surveyed, 24% said that they currently have a mental health condition such as anxiety, depression or post-traumatic stress; this figure rises to 43% among disabled entrepreneurs.

FSB Policy & Advocacy Chair Tina McKenzie, commented, “Whether it’s the migrant entrepreneur suffering post-traumatic stress, the aspiring start-up creator wrestling with depression as they struggle to find work, or the thousands of business owners who feel isolated and hopeless because of late payment, policymakers should reflect on the challenges faced by entrepreneurs during this Mental Health Awareness week.”

McKenzie added, “By building on, and promoting access to, the support that’s already available to business owners and their teams, the government can make a real difference to mental wellbeing.

“Over the years, we’ve seen how a worsening late payment culture – which sees corporates use suppliers as free credit lines – has sucked the joy out of running a small business for millions, leaving many feeling completely alone, and forcing thousands to close.

“The cost of having staff away from the workplace, including finding cover, ran into the billions for small firms last year at a time when cash reserves were stretched and the spectre of trading restrictions was ever present.

“They urgently need more support to go on doing right by their staff. We hope to see the government take forward our joint proposal with the TUC for a targeted statutory sick pay rebate.”

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