A new survey conducted by Invoice Home reveals the mental health challenges facing small business owners, freelancers, and entrepreneurs in the United States. According to “The State of Small Business Mental Health” survey, 2 in 5 small business owners have experienced feelings of depression in the past year due to financial difficulties. The survey highlights the serious impact that the American economy has had on the physical and mental health of these people.
Invoice start conducted the survey with Censuswide. Data shows that Gen Z and Millennial respondents are particularly affected, reporting high levels of depression, substance abuse, and physical health problems. This is a clear indication of the economic pressures facing younger business owners.
The survey found that nearly half (47%) of respondents believe the U.S. economy has seriously affected their mental health. Among those who faced financial difficulties last year, the effects were significant:
- 40% reported feelings of depression
- 17% experienced stress that caused physical health problems.
- 16% saw an impact on their relationships or marriages.
- 12% gained a lot of weight
- 12% relied on alcohol or drugs to cope.
- 9% had suicidal thoughts.
Additionally, 59% of respondents agreed that the U.S. economy is not currently supportive of small businesses. Financial challenges have led many to consider extreme measures to save their businesses, such as taking on credit card debt (26%), taking out a second mortgage (8%) and, particularly among Gen Z respondents, considering illegal activities. (17). %).
Late bill payments have further exacerbated these problems. Of the 76% who experienced late payments, many faced serious consequences:
- 21% had to create more credit card debt.
- 20% late in your business payments
- 25% refrained from reinvesting in their business.
- 17% were unable to purchase household items such as groceries.
- 12% took on new debt to make ends meet.
- 10% could not pay the rent or the mortgage.
“Delaying paying a bill may not seem like a big deal, but for SMB owners, it means everything,” said Petr Marek, co-founder and CEO of Invoice Home. “Late payments can mean the difference between being able to put food on the table and enduring harmful physical and mental stress. 40% of our respondents feel they cannot afford digital tools to support their business right now; tools that could make payments faster and easier. “Cost-effective billing solutions are critical to the current health and growth of small businesses in the U.S.”
The survey also highlighted that younger business owners, particularly Millennials and Generation Z, are facing the brunt of these financial difficulties. Over the past year, 52% of Millennial and Gen Z small business owners reported feeling depressed. These groups also turned to alcohol and drugs more frequently: 20% of Millennials and 29% of Generation Z respondents relied on substances to cope with financial stress. Many of these young entrepreneurs have made significant sacrifices to keep their businesses afloat.
The “State of Small Business Mental Health” survey conducted by Invoice Home paints a troubling picture of the mental health issues facing small business owners. Financial stress, late payments, and lack of support from the economy are major factors contributing to depression and anxiety among these entrepreneurs. Addressing these issues requires a collective effort from policymakers, business organizations, and the community to better provide support and resources to small business owners.
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