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A third of business owners endure COVID related mental health conditions

A third of business owners endure COVID related mental health conditions

Businesses have been affected by the COVID19 pandemic, various lockdowns and difficulties caused by late payment culture. This has impacted the mental health of small business owners in the UK.

A third of small business owners (34% of the 1,000 surveyed) have told the Federation of Small Businesses that their mental health has seen a decline during the pandemic. There are approximately 5.5 million small businesses in the UK, according to government figures. This indicates that 1.8 million are struggling with their mental wellbeing due to COVID19.

 

Anxiety, Depression and Post-Traumatic Stress

  • A quarter (24%) of small business owners said they suffer conditions including anxiety, depression or PTSD
  • 43% of disabled entrepreneurs stated they also suffered from the above
  • One in seven (16%) respondents said they have a moderate or severe condition

Access to Work Scheme

The government offer workplace health support to small business owners, which aims to help both employees and business owner. 

13% of disabled business owners with a health condition have used the scheme, over a third of entrepreneurs have not hears of the scheme and a quarter didn't know that sole traders could access it.

The cost

Last year, the average employer lost £3,500 due to staff being away from work due to either physical or mental health conditions.

Late payment culture is also costing small business owners money. Altogether, it is estimated that £140 billion is owed to firms in unpaid invoices. The Federation of Small Businesses have stated that 400,000 small businesses are at risk due to poor payment culture.

Finding Support

If you need support for your mental health, THEDIRECTORSCHOICE.COM have various experts on our website for you to contact directly. Collectively, they specialise in various conditions and each take a different approach on improving your mental health. Please feel free to get in touch with a mental health practitioner today.

 

Article by East Midlands Business Link