‘You are not alone’: Message to small businesses on R U OK? Day

As Australian businesses around the country continue to be impacted by the ongoing COVID-19 restrictions, including extended lockdowns, Bruce Billson has reached out to local business owners.

“There is no doubt that lockdowns and trading restrictions put small and family businesses under enormous pressure,” Mr Billson told ifa.

“Given small business loans are often secured against the family home, it means if the business goes under, they can lose their home.

“My message to small business owners is that you are not alone as you navigate these uncertain and challenging times. There is help available if you need it and support for your own resilience. I encourage anyone who is struggling to cope or to think clearly, feeling overwhelmed or having trouble sleeping to reach out.

“Good mental health is critical to the success of your business.”

Mr Billson’s comments come only days after the release of a report by local debt support charity Way Forward which examined the impacts debt has on the mental health of Australians.

The research revealed that Australians with savings of $1,000 and a manageable financial plan experience lower levels of stress and that 76 per cent of Australians worry about their finances regardless of their income.

The report also revealed that people earning below $35,000 and between $150,000 and $250,000 per year experienced the highest levels of stress about finances, which Way Forward noted indicates that a higher income does not reduce stress.

“By investigating the lived experience of Way Forward clients, we found a high correlation between those experiencing financial hardship and poor mental health,” CEO David Berry said.

“Financial hardship is a significant burden for many Australians and things are getting rockier with the successive waves of lockdowns. It’s time for the industry and legislators to acknowledge the severe impact of debt on mental health so we can work towards a path forward.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.