3-minute read
Almost half (47 per cent) of small business owners have experienced poor mental health in the last 12 months, while nine in 10 (90 per cent) say the government isn't doing enough to support their mental health.
This is according to a study by Simply Business in partnership with Mental Health at Work. After launching a similar study last year, we’ve revisited the topic to see how things have changed after a challenging year for small business.
There are worrying similarities between the reports, with many business owners just as overworked and under-supported as last year. However, there are some green shoots of resilience for the mental wellbeing of the nation's self-employed.
Read on for the key findings of this year's research as well as the positive and negative changes since the last report.
After a challenging year, it’s not surprising to see that almost half (47 per cent) of small business owners have experienced poor mental health in the last 12 months. With financial worries like increasing costs, irregular income, and debt being highlighted as the main reasons.
Other contributing factors included:
However, in comparison to last year, there’s been some improvement among small business owners. While 47 per cent have experienced poor mental health in the last 12 months, this is down from 56 per cent in 2023.
The resilient spirit of small business owners is clear to see. Other signs of improvement include:
When comparing to last year's results, there have been a some positive shifts in how poor mental health has impacted small business owners:
It’s encouraging to see improvements in these areas, meaning that small business owners are finding ways to manage in these difficult circumstances.
But the same issues persist in terms of taking a break. When experiencing poor mental health, 61 per cent of small business owners don’t take time off work – showing that it’s difficult to put the demands of running a business on hold.
The self-employed also work much longer hours than employed people. Almost a third (30 per cent) of respondents said they work more than 46 hours a week. This is much more than the average 36.9 hours employed people work each week, according to data from the Office for National Statistics (ONS).
Talking about mental health can sometimes be difficult. In last year's survey, it stood out that 51 per cent of respondents said they wouldn’t feel comfortable disclosing poor mental health as a reason for time off or delaying deadlines.
But there are signs that things are changing. Almost half (46 per cent) of those surveyed would now feel comfortable taking time off to improve their mental health – an increase from 41 per cent in 2023.
And almost two in five (38 per cent) of respondents agreed that their sector encourages openness and discussion about mental health.
When you’re running a business, it’s natural that you’re going to be dealing with some level of stress and uncertainty. Something many small business owners have improved at is using a range of strategies to take care of their mental wellbeing during stressful times:
A worrying feature of both reports is that small business owners don’t feel their mental health is supported enough by the government. In both 2023 and 2024, a huge 90 per cent of respondents said that the government doesn’t do enough to support the mental health of small business owners.
And when asked how they would like the government to support them:
As one of the UK's biggest business insurance providers, we specialise in public liability insurance and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?
Start your quoteWritten by
Zach Hayward-Jones
Zach Hayward-Jones is a Copywriter at Simply Business, with six years of writing experience across entertainment, insurance, and financial services. Zach specialises in covering small business and landlord insurance. He has a particular interest in issues impacting the hospitality industry after spending a number of years working as a pastry chef.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.
Subscribe to our newsletter6th Floor99 Gresham StreetLondonEC2V 7NG
Northampton 900900 Pavilion DriveNorthamptonNN4 7RG
© Copyright 2024 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.