5 in 10 small business owners in Singapore feel financially distressed

Business owners cited two main stressors.

Small business owners in Singapore are more likely to experience work stress compared with their global peers, a survey from Xero showed.

This is likely because business owners in Singapore prioritise their business over other aspects of their lives.

Based on the study, 39% of business owners do not take a break from work most of the time, which is higher than the 17% global average.

More than half of business owners (61%) also reported that their personal lives are disrupted more than 50% of the time due to work.

This has led 30% of owners to feel distressed most or all of the time.

Singapore small business owners are also distressed financially. They are also more likely to experience financial distress than their global peers (55% vs 20%), according to the survey.

“These insights reveal a pressing need to provide greater support to small business owners in Singapore, particularly regarding their wellbeing. The multitude of challenges that they face, especially in today’s uncertain and volatile macro environment can be overwhelming,” Koren Wines, managing director, Xero Asia, said.

“We encourage small businesses to leverage technology and data as well as automate tasks where
possible to increase productivity and efficiency and give them greater visibility and control over their businesses,” Koren Wines, Managing Director, Xero Asia, said.