Small business owners prefer to speak to financial advisors of the same sex, with men exhibiting a stronger gender bias than their female counterparts, according to a new study.
The American College, Bryn Mawr, Pa., published this finding in a summary of results from a new study of 1,255 business owners (835 women and 420 men) who own 50% or more of the business and who make or share in financial and other business decisions. All of the businesses have been in operation for three or more years and have annual business revenue of $50,000/year or more.
Approximately 61% of women who are small business owners prefer to speak to a financial advisor who is a woman. Yet only 24% of men prefer to speak to female financial advisors, the study finds.
Conversely, 75% of men prefer to speak to male financial advisors while only 40% of women exhibit the same preference, the study says.
Among the study’s other findings:
● Women are more concerned about retirement planning than men (84% women vs. 76% 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% women vs. 33% men).
● More women have consulted with an advisor about starting a retirement plan (41% women vs. 29% men).
● More women than men list not having enough money in retirement as one of their top three concerns.
● Women and men take an active role in understanding needs in retirement planning (75% women vs. 85% men), However:
● Many have not estimated how much capital they will need to be able to retire (34% women vs. 26% men).