Black Business Owners and Workers More Likely to Face Financial Challenges, According to New QuickBooks Canada Survey

Similarly, Black respondents are almost three times as likely as others to describe their access to health care as “terrible.” Another one in six (15%) describe it as “poor.”

Personal and financial health in focus due to pandemic

The findings are notable for many reasons. They highlight significant disparities at a time when people are more focused than ever on well-being. In the survey, almost half of Black respondents (48%) reveal they are placing a higher priority on well-being because of the pandemic. More than one in five (22%) are making it a “significantly higher priority.”

Black respondents reveal the top two priorities for improving personal well-being are “maintaining my mental health” and “boosting my income.”

If the focus on mental health seems surprising, it shouldn’t. Mental health has the biggest impact on overall well-being, according to the survey respondents. Second on the list of what makes the biggest impact is financial well-being.

Looking ahead, people’s goals for 2022 reflect similar priorities. In joint first place are “achieving financial goals” and “achieving health goals” — both chosen by more than two in five Black respondents (44%).

Will these goals be pushed out of reach?

The survey also reveals a number of barriers which could make it harder for some to achieve their goals. For one, it’s clear that the pandemic has affected people’s financial health as well as their physical or mental health. More than one in three Black respondents (37%) say their personal finances got worse during the pandemic. A slightly larger proportion of other respondents (41%) say the same.

Other barriers are people’s reluctance to discuss health issues or make time for self-care. As the chart below illustrates, many of us do not like to discuss our mental health with other people, which may be counter-productive to what we want to achieve.

In addition, almost two in five Black respondents (38%) say they are not able to prioritize self-care as much as they would like because they often have to put other things, or other people, first.

Despite these challenges, many report good well-being

The good news is that almost one in three Black respondents (32%) rate their physical well-being as “excellent” today — compared to 13% of other respondents.

A third (33%) rate their mental well-being as “excellent” — compared to 16% of other respondents.

Almost half (48%) rate their social well-being as “good” or “excellent” — compared to 37% of other respondents.

Almost three out of five (57%) rate their well-being at work as “good” or “excellent” — compared to 46% of other respondents.

Useful resources

• Take Space: Resources for Your Well-being
• What Employers Need to Know About Employee Benefits in Canada
• Four Steps to Evaluate Employee Benefits and Allowances
• Profit & Loss Statements and the Health of Your Business
• 11 Tips for a Healthy Workplace

*Methodology and sample

QuickBooks Canada commissioned a survey of 1,400 business owners, employees, and self-employed people throughout Canada in January 2022. In total, there were 400 Black respondents and 1,000 other respondents (73% White, 18% Asian, 3% Multi-racial). Black respondents were more likely to be business owners and more likely to be self-employed.

Responses were collected via Pollfish audience pools and networks using double opt-ins and random device engagement sampling methodology to ensure accurate targeting. Percentages are rounded to the nearest decimal place.

This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate nor that it is completely free of errors when published. Readers should verify statements before relying on them.

We provide third-party links as a convenience and for informational purposes only. Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. Intuit accepts no responsibility for the accuracy, legality, or content on these sites.