Survey finds small business owners are facing more wellbeing challenges than other NZer’s
A Xero survey has found that while kiwi small business owners are faring better than their overseas counterparts, they are facing more wellbeing challenges than other New Zealanders.
Of the seven countries surveyed, Kiwi small business owners ranked third in overall wellbeing rankings and first in overall life satisfaction. The survey found that NZ small business owners fared better than other countries when it came to financial distress, with just 14% experiencing financial distress most or all of the time and 28% never experiencing it.
There were age and gender-related differences in kiwis wellbeing as well as differences between sole traders and small business owners with employees. Under 30-year-old small business owners reported lower overall wellbeing than those over 50. Men were more likely to feel fulfilled by the work activities they engage in all or most of the time than women (63% vs 49%). Sole traders were found to have a lower life satisfaction level than small businesses employing staff.
The survey also found that running a small business is taking a toll on kiwis’ ability to take a break, with only 17% saying they can take a break when needed all of the time and 6% saying they are unable to take time off work regularly when needed. 35% of NZ small business owners found their personal lives disrupted by work more than half the time.
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