99% of small to medium-sized business owners have elements of their business that affect their wellbeing, according to a study from Recognise Bank.
Partnering with Mental Health First Aid England, the Mental Health in SMEs Report by Recognise Bank found that the increased cost of hiring and staffing costs were the number one concern day-to-day, with 37% of SME owners worrying about it. That was especially the case in London, the East of England and Northern Ireland where it caused stress for over half of business owners.
Worries around those costs were closely followed by increased prices elsewhere, with 36% of business owners also suffering from additional anxiety and stress as a result of higher energy and higher supply costs. While interest rates and last year’s recession also affected over a third of business owners. In fact, just 1% of business owners didn’t have any main concerns that cause them anxiety and stress.
The bank says that with the Autumn Budget just weeks away, stress levels will be significantly higher, particularly with Prime Minister Sir Keir Starmer already highlighting it isn’t going to be pleasant reading on October 30. The study found that 67% of business owners suffer heightened anxiety ahead of the Budget, with a similar figure for Black Friday – taking place just a few weeks later.
Ronelle Arbib, chief operating officer at Recognise Bank, said: “With the new government already highlighting that the Autumn Statement will be “painful”, it’s more important than ever before for businesses to not only get the support they need, but for those working in challenging environments to look after their mental health.
“With the Autumn Budget, Black Friday and the approach of Christmas holidays, in which 65% of business owners suffer heightened stress, we’d encourage them to start thinking about their mental health and managing it carefully.”
Only half of business owners surveyed were doing something to look after their mental health. Among the top methods of looking after mental health were exercise (57%), starting a hobby (52%) and eating healthily (44%), while almost 40% of people weren’t aware of government support or thought it should be better to help business owners combat stress.
Vicki Cockman, head of client delivery at Mental Health First Aid England said within the report: “For business leaders across both large and small organisations, the need to support everyone’s mental health has never been greater. The evidence for action is clear, and the need for investment is stark.
“There is no one size fits all to mental health and wellbeing. Whatever an organisation’s approach, it is vital that diversity and inclusion is embedded into its wellbeing strategy. Equity and fairness are an important part of workforce wellbeing. What people get paid, the development opportunities and promotions that are offered, who gets recognised and heard for their (or other people’s) contributions and whether everyone feels they can express themselves freely are central to a positive culture.”