Mental health cost of late payments

Late payments are hitting the mental health of small business owners, according to research published by Pay.UK. More than a quarter (265) of SME business owners stress about late payments even when they are not at work; 17% say that payment delays undermine their own confidence in their ability to run a business and 16% worry about the issue every working day. Two thirds (66%) report that late payments make running a business less enjoyable while almost one in ten (9%) of business owners have considered accessing professional support to help with their anxieties over being paid late. Late payment consequences which undermine the emotional wellbeing of SME owners include: paying their own suppliers late (24%), relying on overdrafts (35%), cutting their own salaries to keep cash in their business (24%), difficulties paying their own staff on time (12%) and struggling to pay business bills (13%).

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https://www.business-money.com/announcements/mental-health-cost-of-late-payments-2/

https://www.financialservicesolutions.co.uk/services/protection/life-assurance-critical-illness-cover/

https://www.financialservicesolutions.co.uk/services/protection/income-protection/