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mental health challenges , many of which have been amplified by the pandemic .” Key findings from the report include :

The first of its kind , this study was conducted jointly by FreshBooks and Mind Share Partners , a nonprofit based in the US that is changing the culture of workplace mental health . It is based on survey data collected online from a representative sample of more than 2,000 freelancers , small business owners , and entrepreneurs across the United States in January 2020 and April 2021 . The data set provides an insightful comparison between the self-reported mental health of entrepreneurs both before and during the pandemic , and remarkably the collective mental health of America ’ s entrepreneurs has remained relatively stable .

“ For most Americans choosing self-employment over a traditional job , the benefits outweigh the risks and hard work . We ran this study to see whether this holds true for mental health and wellbeing specifically , given the particular stresses that often come with selfemployment ,” said Dave Cosgrave , Head of Research at FreshBooks , and the Co-Leader on the study .

“ While it ’ s safe to say that self-employment does have a net positive effect on mental health overall , millions of independent workers are experiencing

• Nearly three-quarters ( 72 %) of self-employed Americans describe their emotional , psychological and social wellbeing as ‘ good ’ or ‘ very good ’. This is unchanged from the data seen in January 2020 .

• The effects of the pandemic on the mental health of small business owners have not been uniform . Nearly as many say they are better off ( 26 %) versus worse off ( 32 %), while 41 % feel no difference in mental health since the start of the pandemic .

• More than 50 % of survey respondents did experience symptoms of poor mental health for the first time . This includes :

• 25 % experiencing depression for the first time as entrepreneurs

• 20 % experiencing anxiety for the first time as entrepreneurs

• 18 % experiencing chronic stress for the first time as entrepreneurs

Despite self-reported improvements in and / or good mental health overall , many self-employed people in America experienced mental health symptoms that affected their day-to-day . In the past 12 months :

• 49 % say their condition made it difficult to concentrate on their business ( compared to 42 % seen in the previous report ).

• 36 % say they put off challenging work .

• 30 % say they became less responsive to emails and other communications .

Study participants cited the following as the most challenging aspects of self-employment when it comes to their mental health and wellbeing :

• Financial stress and fear about the future of their business ( 44 %)

• Working alone ( 29 %)

• Having too much work to do in too little time ( 28 %)

• Feeling they can never show vulnerability or weakness ( 27 %)

• Responsibility for livelihood of staff ( 17 %, up significantly from the 2020 study ) �

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