A new Xero report highlights small business owners have lower wellbeing and are less satisfied than the rest of Australians.
The report reveals Australian small business owners are experiencing lower levels of wellbeing compared to the rest of Australians. It also found small business owners are less satisfied and more than a quarter (26%) say work-related issues cause stress in their personal lives most or all of the time.
With small businesses making up more than 97% of all businesses in Australia, the findings are an urgent reminder of the challenges small business owners constantly face – from macro-level hurdles stemming from the pandemic and economic environment, to micro challenges such as poor cash flow.
It comes as recent data from Beyond Blue shows the demand for its NewAccess for Small Business Owners mental health program increased by 12% in March alone, with a record high number of treatment sessions delivered to small business owners.
Key findings from the report:
- Australian small business owners have the second lowest overall wellbeing out of seven countries surveyed
- 33 percent of Australian small business owners say their business is experiencing financial stress at least more than half the time
- 26 percent say managing issues related to employee mental health is a source of stress most or all of the time
- Australian small business owners are among the least well rested globally, with 39 percent saying they wake up feeling refreshed and well rested at least less than half the time
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