Almost three-quarters of entrepreneurs have admitted to dipping into their personal savings in the last month to save their business from going under, according to new research commissioned by the Parliament Street think tank.
Independent research company, Censuswide was commissioned to poll 500 UK-based small business owners about rising inflation fears and its impact on morale. Alarmingly, it was revealed that 74% of entrepreneurs said they have had to rely on personal finance to keep their businesses afloat.
Young entrepreneurs under the age of 35 were most likely to have used their own money to balance the books, with 79% saying they had done so in the last month. Of this figure, 31% said they had to dip into their personal savings on more than one occasion in a desperate attempt to prevent their business from going into liquidation.
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