Half of all self-employed people have experienced poor mental health within the past 12 months according to new research – and that’s 22% worse than the national average.
The findings come from insurance provider Simply Business, which partnered with Mental Health at Work, a programme curated by leading mental health charity Mind, to conduct the research for the second year running.
More than 500 firms were surveyed, revealing that general feelings of stress were contributing to the compromised wellbeing of SMEs, high rates of anxiety, depression, and isolation were cited as issues too
Because of poor mental health, a third of those surveyed found it difficult to concentrate, a third fell back on smoking, drinking or eating unhealthily, and almost 1 in 5 had to adapt or reduce their working hours/hours of business.
Almost a third of those surveyed worked more than 46 hours per week – almost 10 hours more than the average working week for employed workers, according to ONS data. This is only a small change from the 2023 survey, when 33% reported working over 46 hours, meaning SMEs are continuing to work overtime to compete with challenging economic conditions.
Bea Montoya, UK COO at Simply Business, said: “Our latest survey findings underscore the challenges faced by small business owners and the self-employed in maintaining good mental health. While we’re encouraged to see a marginal improvement – which can only be explained by the astounding resilience of the sector – the challenge for SME owners to prioritise their own wellbeing remains significant.
“This 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.
“The message from the SME community is clear – they want to see more support from the government, and quickly. Simply Business is committed to advocating for the support and resources needed to ensure the resilience of small businesses across the country, and we fully back their call for more support.”
