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Nationwide Survey: Small Business Owners Unfamiliar With 401(k) Plans

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NU Online News Service, Aug. 14, 3:15 p.m. – Greenwald & Associates, Washington, a polling firm, has released survey results suggesting that high-income U.S. residents who own small businesses may be less familiar with 401(k) plans than other high-income residents.

Greenwald conducted the survey for Nationwide Financial Services Inc., Columbus, Ohio. Researchers interviewed 500 people younger than age 60 with annual incomes greater than $150,000.

Researchers found that 71% of all the respondents reported being “very knowledgeable” about 401(k) plans, while only 49% of the respondents who owned small businesses said they were very knowledgeable about 401(k) plans.

Only 34% of all survey respondents said a pre-existing relationship was very or extremely important when choosing a financial adviser, but 46% of the business owners told the researchers a pre-existing relationship was very or extremely important.