Top financial concerns of the self-employed

Most (six in 10) self-employed Americans say the business climate is moving faster now than 3 to 5 years ago. And many have been hurt by the pace of change: Profits are decreasing for one-quarter (28 percent); the cost of business has increased for one in three self-employed (32 percent).

Recent government policies have hurt businesses of self-employed Americans who say that: The effect of government regulations has become worse (27 percent); and that rising health care costs have reduced their ability to save (26 percent).

Among the survey’s additional findings:

• More than six in 10 (64 percent) of the self-employed do not believe that small businesses will be part of the next President’s top five priorities

• Reducing health care costs is the most desired Presidential priority for half (51 percent) of self-employed.

• A third (34 percent) of self-employed have had to rely on credit cards to help them reach their goals, including four in 10 (41 percent) self-employed millennials.

• Six in 10 (59 percent) self-employed individuals are somewhat/much more anxious about earning a steady income now than a year ago.

• One in five (22 percent) are using personal borrowing to run their current business. And more than one in 10 (13 percent) self-employed millennials are using money from their family.

• One in five (20 percent) self-employed would turn to their family if they needed additional funds for their business, rising to one in three (31 percent) self-employed millennials.

• Retirement planning (73 percent) and investment management (68 percent) are the most common topics of discussion with a professional financial planner or advisor

See the infographic on the next page for more hightlights from the TD Ameritrade survey.