According to recent research carried out by the SME advice service, Business Debtline, small business owners and those self-employed are experiencing high levels of debt. There is an increasing concern for this, as these people make up 15% of the country’s total employed population and the tendency for more and more workers to become self-employed is leaving thousands of people in debt.
Small businesses are the backbone of our economy and in the last 5 years, the amount owed to smaller businesses in late payment has more than halved but we want to see payment practices improve even further. Research carried out by R3 earlier this year found that late payment of invoices was the most common sign of business distress among companies in the North East, North West, Yorkshire and Humberside, with more than a quarter (27%) of them saying they were owed payment on invoices that were 30 days past their due date. A 2016 R3 survey of the insolvency [...]
If you ask us, one of the fundamental aspects of life is learning to manage your finances, and can never be taught too young. But this needs to be provided in a manner that engages the youth and shows both the very positives in being prudent and the extreme difficulties that can be caused by being reckless.
Many of us will know how it feels to worry about finances, no matter how big or small, but the clear correlation between financial concerns and mental health issues shows that these figures are not to be ignored.