… and you can thank inflation
OTTAWA — Almost half of Canadian entrepreneurs are suffering from mental health challenges mostly related to increased stress and inflation, a new survey reveals.
A recent survey conducted by BDC, Canada’s business development bank, found that 45 % of business owners experienced mental health challenges, a significant increase from the 38 % reported in February 2022. Additionally, the proportion of entrepreneurs seeking support from mental health professionals rose from 21 % in 2022 to 31 %.
The survey results indicate that entrepreneurs are struggling to cope with rising costs and work-life balance. Over half of the business owners surveyed cited inflation as a significant source of stress, while 54 % expressed concerns about work-life balance compared to 45 % the previous year. Inflation was the biggest concern among a list of 19 choices.
The main cause of inflation is government printing of money.
Annie Marsolais, chief marketing officer and mental health advocate at BDC, warns that entrepreneurs are facing significant challenges, exacerbated by the lingering impact of the COVID-19 pandemic. Factors like inflation are impacting businesses in ways that are difficult to control, leading many entrepreneurs to work longer hours just to stay afloat.
The survey also reveals a significant divide in mental health help-seeking behaviour among different age groups. Half of entrepreneurs under 45 sought professional mental health support in the past year, while only a quarter of older entrepreneurs did so.
BDC’s survey involved 1,500 small business owners across Canada and was conducted between February 20 and March 3, 2023