NU Online News Service, Sept. 6, 11:38 a.m. – Nationwide Financial Services Inc., Columbus, Ohio, today released the results of a survey that suggest small-business owners realize their need for help with taxes, but may not understand how much help they need preparing for retirement.
The 2002 Nationwide Financial Survey of High-Income Professionals indicates that business owners are more likely than other affluent professionals to feel that tax advice is an important service provided by a financial advisor (65% versus 50%). They also are more concerned about planning for income management in retirement than the total affluent group (72% versus 67%).
But, compared to total respondents in the survey, business owners viewed themselves as less knowledgeable about various financial and retirement savings products.
Fifty-four percent of business owners feel very knowledgeable about 401(k) accounts, compared to 67% of all respondents; 55% feel very knowledgeable about individual retirement accounts, compared to 61% of all respondents; 54% feel very knowledgeable about mutual funds, compared to 60% of all respondents; and 14% feel very knowledgeable about variable annuities, compared to 21% of all respondents.