MENTAL HEALTH: Business Owners Suffering in Silence
Mental health issues are on the rise in the UK, and a late payment culture only exacerbates the difficulties for SMEs. Failing to hold individuals accountable will result in an increase in mental health problems and put a greater strain on our National Health Service. Late payments cause stress, sleeplessness, depression, and fury in small business owners. These are all serious issues that have a significant impact on people’s lives and must be addressed to help them thrive and generate wealth for the UK economy.
In some severe circumstances, people have thought about or even attempted suicide. Now, this is not simply about stress caused by late payments; it’s about people’s lives.
According to a study by ‘Pay.uk,’ the human cost of a late payment culture in the UK is high, with some alarming statistics for businesses in Great Britain.:
- 88% of the smallest businesses (fewer than 10 employees) worry about late payment
- 66% of owners found their work less enjoyable because of late payments
- 25% said that late payments affect their lives outside of work
- 9% have considered seeking professional help due to the stress of late payments
Late payments are the most common source of worry for SMEs with the least capacity to withstand a lack of revenue. Almost 10% of SMEs believe expert assistance is required to manage their fears.
We risk allowing a harmful culture for small firms to continue unchecked if we don’t act swiftly. People are seeking legal assistance due to our bad payment history and present legislation, which appears to be ineffective.
According to research by The Prompt Payment Directory one in four people in the UK experience mental health problems at some time during the year, and one in six are affected at least once a week by them. When mental health issues are on the rise, our late payment culture exacerbates them, causing more people to suffer from a variety of mental health problems. This is not only a financial burden but also an economic and healthcare concern.