Baby boomers are far more likely to use their own savings to start businesses than to take out traditional bank loans.

Researchers at Hartford Financial Services Group Inc., Hartford, have published that finding in a report based on a May survey of 505 business owners ages 45 to 60.

About 75% of the survey participants said they used their personal savings to start their businesses, compared with 20% who used credit cards and 16% who used bank financing, the researchers report.

About 55% of the boomers said their financial picture improved after they started their own businesses, while 25% said their financial situation got worse, the researchers say.

About 70% expect to be able to live off of income from their businesses when they retire, the researchers report.

About 51% regularly rely on the advice of accountants, 32% talk to insurance advisors and 31% talk to lawyers.

Only 20% of the owners regularly talk to a financial planner, the researchers report.