New research conducted by Deakin University suggests financial advisors and accountants could be key in boosting the mental health of small and medium enterprise (SME) owners.
The research revealed a trend of 57% SME owners experiencing stress beyond a normal range, and 22% being diagnosed with a mental condition with the rising cost of living and lingering effects of COVID-19 exacerbating these challenges.
Deakin University’s white paper, Using Intermediaries to Support the Mental Health of SME Owners suggested using intermediaries, like accountants to support the health of SME owners. This is because these financial professionals are often the first point of contact for financial hardship.
Deakin University Dean of Business and Law, Professor Jenni Lightowlers said business advisors play a crucial role in SME’s.
“It’s clear that small business owners deeply trust their accountants and bookkeepers, often sharing challenges beyond finance, including personal struggles and major life events. This positions them as a vital bridge between SME clients and mental health support,” she told the Accounting Times.
After finding this need Deakin University in collaboration with national accounting and finance bodies developed the Counting on U program. It was created as a world-first mental health first-aid relationship program designed to equip finance professionals with the knowledge to assist SME clients.
So far 3,200 professionals have already completed training through the program. The program has also expanded to New Zealand, with plans to continue rolling it out globally.
According to Andrew Conway, chief executive of the IPA, the number one concern of accountant members was the mental health of their SME clients.
“This research has the potential to change – and even save – lives by raising awareness, reducing stigma, and equipping accountants with the tools and confidence to support their clients effectively,” Conway told the Accounting Times.
Azzet has contacted Deakin University for further comment.
