The study also found that women are more concerned about retirement planning than men and report having taken more action to address this issue.

More women have consulted with a financial advisor about maximizing business owner benefits (44 percent women vs. 33 percent men).
More women have consulted with an advisor about starting a retirement plan (41 percent women vs. 29 percent men).
More women than men list not having enough money in retirement as one of their top three concerns.

Women and men state that they take an active role in understanding needs in retirement planning (75 percent women vs. 85 percent men), however:
Most small business owners have not consulted with an advisor about retirement planning (44 percent women vs. 33 percent men) but those who have report being satisfied with their advisor relationship (76 percent women vs. 85 percent men).

Many have not estimated how much capital they will need to be able to retire (34 percent women vs. 26 percent men).
Only a few have a formal, written financial plan for managing income and expenses in retirement (24 percent women vs. 34 percent men) or have a formal, written plan for transitioning their business at retirement (11 percent women vs. 28 percent men).

For this survey, business owners were defined as individuals who own 50 percent or more of the business and who make or share in financial and other business decisions. All the businesses contacted in this survey have been in operation for three or more years and have annual business revenue of $50,000 a year or more. 1,255 interviews were conducted.

Instant Insights /

Small biz owners prefer financial advisors of the same sex

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