New research from the IPA-Deakin SME Research Centre has found that accountants, bookkeepers and business advisors play a crucial role in addressing the mental health challenges facing small-business owners.
Its study “Using Intermediaries to Support the Mental Health of SME Owners” revealed that SME owners generally experience higher levels of psychological distress than wage-earners due to business-related challenges including chronic financial pressures, extended work hours, and the weight of decision-making which could lead to stress, anxiety, depression, burnout, and even suicide.
In fact, the study found that 22 per cent of SME owners have been diagnosed with a mental health condition, 57 per cent reported stress levels beyond the normal range, and 43 per cent having shared that business-related stress affected them “more than half the time” to “all the time.” However, many SME owners struggled to obtain help for mental health and well-being issues due to time constraints, financial limitations, and the demands of running their business.
Furthermore, mental health initiatives tailored to SME owners remain scarce in Australia and internationally, making the situation for SME owners all the more challenging.
In dealing with mental health issues, the study has identified trusted business advisors, especially accountants and bookkeepers, as potential first responders who are capable of identifying early signs of mental health issues. More so if they are proper training in relationship building and Mental Health First Aid (MHFA) which will equip them with information and tools to provide timely, targeted support for their clients; helping them identify both financial and mental distress and connect clients with mental health services.
“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,” said Deakin University Executive Dean, Business and Law, Professor Jenni Lightowlers. “With small businesses driving economic growth and employing millions of Australians, the impact of poor mental health among SME owners extends far beyond the individual—it affects jobs, families, communities, and the broader economy.”
Institute of Public Accountants CEO, Andrew Conway, said the number one concern among accountant members was the mental health of their small business 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 said. “Ultimately, it’s a call to action for accountants to embrace their role in supporting the mental health of their small business owner clients— something many of our members are already doing – and helping them not just survive, but thrive.”
Beyond Blue Chief of Engagement, Greg Jennings, said integrating mental health into everyday business interactions was a practical and innovative way to support small business owners.
“Timely, targeted support doesn’t just help individuals—it strengthens businesses and communities,” Jennings said. “Engaging accountants and other business advisors as mental health ‘first responders’ is a smart, scalable solution to tackling the growing mental health crisis among SME owners.”
The study is based on the IPA-Deakin SME Research Centre’s Counting on U program (2021–2024), the world’s first sector-wide study on how business advisors can support SME owners’ financial and mental health. The research was funded by the Australian Treasury, NHMRC, IPA, Beyond Blue, WorkSafe Victoria, and Mental Health First Aid Australia, with support from CA ANZ, CPA Australia, and the Institute of Certified Bookkeepers.
