Submitted by Anonymous (not verified) on Tue, 2019-01-01 00:00
The American College State Farm® Center for Women in Financial Services completed a study on women business owners with the objective of determining the common financial goals, concerns, and actions among female business owners. Findings indicated that small business owners often show a strong bias for financial advisors of the same gender. The study had strong implications with regard to the current makeup of the advising community and the economic benefits associated with an increased representation of female advisors within the industry. The research also revealed that while the overwhelming majority of small business owners are concerned about retirement, a third of the women and a quarter of the men surveyed have not estimated how much they are going to need when they retire. This data suggests that millions of business owners are vastly underprepared for retirement.