Money Problems Costing Business Owners Their Family Life

Nearly one in five people with a self-employed relative claim their family member has more financial worries since becoming their own boss

Money Problems Costing Business Owners Their Family Life

The stress and strain of running a small business is costing people their financial, mental and family wellbeing, a new study has revealed.

Scottish Widow’s Centre for the Modern Family: Families in the Future report has revealed that 20% of business owners’ family members admit such a career choice has made them more stressed, with 19% admitting it’s increased money worries in the household.

While 42% of the nation’s workforce would like to become self-employed, 40% revealed they prefer the financial security of being a permanent employee and 39% enjoy the benefits – such as a pension, parental leave and sick pay – too much to go it alone.

When it comes to downtime with the family however, business owners appear to have more flexibility than an average employee, with 35% saying they can spend more time at home, with this figure rising to 49% amongst mothers.

Despite this, 11% of respondents say their business owning relative is on call 24/7 – suggesting they’re never able to fully ‘clock off’.

Anita Frew, chair of the centre for the Modern Family, said:

“To a growing number of people, self-employment offers a chance to structure a rewarding career around family life. However, our research suggests that the pressures and stresses of being their own boss may, for some, be too much for a family.

“With more and easier access to practical and financial support, individuals may feel better equipped to make their path in self-employment less stressful for themselves and their families, and bring them more of the benefits which attracted them to self-employment in the first place.”

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