Stress, anxiety and depression are “crippling small business owners across the country”, new research has warned, as it revealed half of small business owners have experienced poor mental health over the past 12 months.
Four in 10 entrepreneurs admitted financial worries were having the single biggest impact on their mental health, with 15% believing a lack of time off is directly impacting their mental health, according to the survey by Simply Business.
Small business owners are working over 46 hours a week on average, the report said, 10 hours more than the average working hours clocked up by workers in the UK.
Three quarters said they take fewer than 20 days off each year, 44% reported struggling with sleep, and a third confessed to surviving on less than five hours a night.
Common mental health challenges highlighted by entrepreneurs included anxiety (59%), depression (38%) and feelings of loneliness (22%).
Despite mounting challenges, 51% of respondents said they wouldn’t feel comfortable disclosing poor mental health as a reason for absence or delaying deadlines, and 40% said they don’t tend to take time off even when experiencing poor mental health
When asked about resources to help, 90% said the government is not currently doing enough to support the mental health of the self-employed.
Bea Montoya, chief operating officer at Simply Business, said:
“The worrying state of small business owners’ mental health has been laid bare in our recent research – with over half suffering from poor mental health in the last 12 months alone. During a cost of living crisis, the self-employed are working at capacity. Long hours, rare breaks and sleepless nights are leaving many on the brink of burnout.
“And the situation should concern us all. Small businesses are vital to both our economic recovery and the prosperity of our communities, and this will only compound the challenges of an increasingly economically inactive population.
“From financial worries and stress, to isolation and insomnia – it’s critical that the real people behind the country’s SMEs are given the support they need. That’s why we’ve partnered with Mental Health at Work to raise awareness of the challenges facing this audience, and create tailored resources designed to help.”