Self-employed hit hardest by money worry

Financial distress is more damaging to the well-being of the self-employed than those in employment, according to research from Trinity Business School.

A negative impact on mental health and quality of life was most pronounced in the self-employed who themselves had employees.

Martha O’Hagan-Luff, assistant professor in finance at Trinity, said: ‘The findings of our study are particularly relevant during crisis periods such as during the Covid pandemic, demonstrating the importance of providing adequate financial support for the self-employed, given that we find that financial distress has a more pronounced negative effect on their well-being than the wage-employed.’