Counting the true cost of Covid-19

Accountants have revealed an alarming one in 10 of their SME clients have shared the fact that they’ve had suicidal thoughts, according to the latest shocking poll from ACCA UK and the Corporate Finance Network’s SME’s Health Tracker.

Asked about their clients’ mental health some 89% of practitioners say their clients have reported feeling more stressed than usual and not sleeping, with 78% stating a worsening mental health condition, and 56% claiming they are “unable to cope”.

SMEs’ concerns about accessing cash during lockdown have also increased with 23% saying they won’t be able to access cash to last them two weeks or more of lockdown compared to 12% just a week ago. Perceptions about trading conditions have also altered, with just 16% saying they think they will be training normally in the near future, compared to 21% a week ago.

Head of ACCA UK, Claire Bennison, said: “As the weeks pass, the impact on lives is becoming clearer, as more small business owners decide to liquidate, we are also seeing a worsening picture of mental health in the small business community. Having someone to speak to at this time is vital, and we know some hard conversations are being had, and will continue for months to come.”