Two in three business owners are suffering from heightened anxiety as they await Jeremy Hunt’s Autumn Statement on November 22, a new study suggests.
The Autumn Budget – in which Hunt is expected to target mental health at work – is an especially anxious period for younger business owners, with over 70 per cent of those aged 18 to 44 likely to endure extra stress.
The study, commissioned by Recognise Bank, a specialist in business financing solutions, also uncovered that 30 per cent fewer business owners over the age of 55 suffer compared to those under 35, while women are also 8 per cent less likely to feel anxious compared to their male counterparts.
Owners of larger businesses with 100-249 employees are also more susceptible, with 73 per cent suffering symptoms affecting their mental health around Autumn statement times, compared to just 58 per cent of those with 10-49 employees.
Mark Bampton, Chief Commercial Officer, said: “Following government Statements lending fluctuates as businesses try to understand what the new budget means for them. It’s positive to see that the upcoming Autumn Statement is set to tackle mental health with the study showing the extra strain owners are currently under following months of growing inflation and rising interest rates that continue to impact both businesses and individuals.”
Across the country, anxiety is said to be peaking at different levels. Owners in Scotland are most susceptible, followed by those in the West Midlands and the North East.
Many business owners will see mental health being addressed in the workplace as a positive move by the government. Currently, one in five aren’t aware of any support offered by the government, while around a fifth are aware of support but believe it to be inadequate. In contrast, 62 per cent of business owners already believe mental health support to be at least satisfactory.
You can view the full study here