Financial pressures impact SME owners’ mental health

More than a fifth of small business owners in Scotland report feeling the brunt of the rising cost of living on their mental health as well as their bottom lines, according to research from HSBC UK, which is encouraging such bosses to tap into sources of support.

Some 21 per cent of those surveyed north of the Bordersaidcost-of-livingpressures are hampering their wellbeing, with rising inflation cited as the main financial threat to their business (46 per cent), followed by customers buying less (36 per cent), and rising energy costs (56 per cent). The lender also found that about half of respondents reported not opening up to anyone – not even friends or family – about the impact on their business.

Behavioural psychologist Jo Hemmings said business owners “shouldn’t see talking through their personal or professional concerns as any kind of admission of failure… They are not alone and I’d urge those feeling the pressure to talk with professionals who can provide practical help, including their bank.”