Economic, Political Fears Hurt Business Owners' Retirement Readiness

The coronavirus pandemic and its economic effects continue to be top of mind for business owners, according to a survey released Tuesday by TD Wealth.

Related: COVID-19′s Impact on the Advisor-Client Relationship

Sixty-seven percent of high-net-worth business owners and 73% of mass affluent ones expressed concern about economic or political uncertainty when it comes to achieving their financial goals, the firm reported Tuesday.

Maru/Matchbox conducted the survey in July among 1,296 high-net-worth business owners and individuals (those with investable assets of more than $500,000) and mass affluent business owners and individuals (those with investable assets of between $100,000 and $499,000).

Eighty-seven percent of all business owners surveyed reported that their revenue had been affected by the pandemic. Forty-nine percent said they had experienced reduced operations, and 25% temporary or permanent closures.

Despite these economic effects, 85% of respondents said they had not made changes to their retirement planning as a result of the pandemic, demonstrating that business owners are staying the course through economic volatility, TD Wealth said.

Retirement Readiness

Sixty-eight percent of millennial and 58% of baby boomer business owners in the survey said they worked with a financial advisor.

Of the business owners who had a long-term investment plan, 94% said they were at least somewhat confident that their plan would lead to the achievement of their financial goals.