Business owners earning £40k plus have fared better mentally during pandemic

Businesses owners earning over £40k  in small businesses have fared better mentally and physically during pandemic according to research by Purbeck Personal Guarantee Insurance.

In the study, higher-income earners were most likely to enjoy working from home and reported lower physical and mental health concerns and worries than lower income workers.

26% of those earning over £40k said they felt healthier working from home – the highest proportion of any income group studied. Just 14% expressed concerns about their mental health compared to 27% in the £10k-£19,999k income group.

Overall, the study found that 27% have enjoyed working from home during the pandemic and there was no difference between men and women in this respect. However, 23% have worked longer hours than prior to the pandemic, 24% have found it hard to switch off at the end of the day and 20% have found it hard to concentrate. Women more than men found it harder to switch off at the end of the day while men found it harder to concentrate working from home.

Women reported higher levels of stress and anxiety than men and had more worries over money but both men and women were on a par when asked if they were worried about their mental health with 1 in 5 expressing concern.

Todd Davison, MD of Purbeck Insurance Services said “A return to the office will be welcomed by some more than others and those on higher incomes may find the adjustment difficult. It’s going to be a challenging time for small businesses as they try to return to some semblance of normality and keep staff happy and motivated. Small business owners are also conscious of the ‘great resignation’ plus the rising cost of living and will be keen to ensure they can financially reward workers in the coming year. This will add further pressure to balance sheets. It’s, therefore, crucial firms focus on their financial resilience, chasing hard on late payments and sourcing new funding where necessary to see them through, what for many will be a make or break year.”