Macroeconomics

2019-20 coronavirus outbreak

Financial system

Demography

Mental distress

Chromatography

Social psychology

Virology

Psychiatry

Economics

Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2)

Outbreak

Business

Coronavirus disease 2019 (COVID-19)

Well-being

Psychology

Entrepreneurship

Demographic economics

Psychotherapist

Population

Infectious disease (medical specialty)

Internal medicine

Sociology

Financial distress

Self-employment

Mental health

Distress

Medicine

Chemistry

Sample (material)

Clinical psychology

Finance

Pandemic

Financial crisis

Disease

Pathology

Happiness

Journal of Business Venturing Insights

Adopting an abductive approach, in this paper we use two studies to examine the relationships between financial worries and well-being amongst the self-employed during the time of the COVID-19 pandemic. In Study 1 of 4806 participants from the Understanding Society's COVID-19 survey of the UK population, we find that financial worries were associated with higher mental distress for self-employed when facing reduced work hours. In Study 2, in a sample of 1794 participants from the six-country COVID study, we find that higher than expected fall in income mediates the association between self-employment and happiness. The findings have implications for research regarding financial worries, distress, and well-being of the self-employed.

Everybody hurts: Self-employment, financial concerns, mental distress, and well-being during COVID-19