Small business owners in the UK report lower levels of happiness, life satisfaction, and wellbeing compared to their counterparts in six other countries, including Australia, Canada, and the USA.
British Entrepreneurs Struggle with Wellbeing
UK business owners report significantly lower wellbeing levels, with only 32% feeling refreshed and rested most of the time, and 26% rarely able to take a break from their business.
Furthermore, just 38% report feelings of cheerfulness, and a mere 36% feel active and vigorous all or most of the time.
Almost two in five (37%) UK small business owners say they never have access to affordable counselling or support, much higher than any other country in the study.
International Comparison of Business Owners’ Wellbeing
Bookkeeping platform Xero surveyed nearly 5,000 small business owners across seven countries – Australia, Canada, New Zealand, Singapore, South Africa, the UK, and the United States – and discovered that UK business owners ranked lowest in terms of happiness, life satisfaction, and wellbeing.
New Zealand small business owners reported the highest life satisfaction levels, followed closely by South Africa and Singapore.
However, most business owners in the seven countries reported wellbeing below that of their general population, as per the World Health Organisation’s benchmarking happiness report.
Factors Affecting Business Owners’ Happiness
Contributing factors to business owners’ unhappiness include high inflation, slowing economic growth, concerns about staff wellbeing, and general uncertainty about the future.
Other themes include business-related stress affecting private lives, small business owners’ inability to take time to rest and recover, and lack of access to affordable counselling and peer support.
Only small business owners in South Africa and Singapore reported higher levels of wellbeing than their own general populations.
Prioritising Wellbeing for Small Business Owners
Alex von Schirmeister, Managing Director of Xero UK, emphasises the importance of not overlooking small business owners’ wellbeing.
He points out that the study serves as a stark reminder of the serious impact ongoing challenges, such as late payments, have on small business owners’ wellbeing.
Von Schirmeister calls for more services and resources to help business owners prioritise their own wellbeing and that of their team, ultimately creating healthier and more resilient businesses better equipped to face future challenges.
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