The cost of living and doing business is stressing them out and their work-life balance is impacted by working longer hours
These are difficult times for Canadian entrepreneurs, with the cost of both living and running a business weighing on their mental health.
A new survey from the Business Development Bank of Canada (BDC) shows that stress is rising for business owners who are working longer hours to try to balance the books.
There was an increase in the share of poll participants who said they are feeling mental health challenges – 45% in this year’s survey compared to 38% last year, and almost one third said they wanted to seek help from a mental health professional, up 10 percentage points in a year.
Over half of respondents said that inflation was a key source of stress and 54% were concerned about work-life balance, up from 45% last year.
Mental health concerns were most prevalent among younger entrepreneurs with half of those under 45 having sought professional mental health support in the past year, compared to a quarter of older respondents.
Annie Marsolais, chief marketing officer and mental health advocate at BDC says that Canadian entrepreneurs are facing challenges compounded by the scars left by the COVID-19 pandemic.
“Inflation rates and other factors are affecting their business in ways that are harder to control, leaving many entrepreneurs resorting to working even longer hours just to stay afloat,” she said. “This is amplifying their mental health stresses because of the sometimes-devastating consequences on their personal lives and overall well-being,"
Cost of getting help
Ironically, the biggest barrier to getting the mental health help that entrepreneurs need, is cost.
With that in mind, the BDC is running a pilot scheme to offer its existing clients access to virtual therapy.
"Entrepreneurship is incredibly challenging on the best of days, and we know that still too many entrepreneurs struggle in silence. While making mental health support more accessible and affordable might not seem like something a typical bank would do, it speaks to the developmental nature of BDC," Marsolais added.
