Small Business Owners Have Big Personal Finance Concerns, According to New Lincoln Financial Group Study
28 Aprile 2023 - 6:08PM
Business Wire
62% say finances are their biggest source of
stress, reinforcing the importance of a strong financial plan to
help meet their unique needs
Lincoln Financial Group (NYSE: LNC) released new research today
that shows small business owners have big personal finance
concerns. According to the company’s Consumer Sentiment Tracker,
there are several insurance and retirement planning issues that top
their lists.
Specifically, respondents who own small businesses (versus those
who do not) are most concerned about:
- Having enough income in retirement (65% vs. 48%)
- The impact of taxes on retirement savings/investments (56% vs.
38%)
- Paying for long-term care expenses for themselves or a family
member (54% vs. 42%)
- Ensuring dependents will be financially secure in the event of
their premature death (51% vs. 41%)
The study also found that 62% of small business owners say that
finances are a major factor or the biggest source of their stress
versus 47% of those who do not own their own business.
“Small business ownership comes with a great deal of
responsibility — not only for the business and its employees, but
also for the owner and their family,” said David Berkowitz,
president, Lincoln Financial Network, the wealth management arm of
Lincoln Financial Group that provides advice and guidance through
its extensive network of independent financial professionals – many
of whom manage their own practice. “Our research shows that many
people who own their own business may not be prepared with the
right financial products and solutions to help them feel confident
about their financial future.”
In situations like critical illness, disability or premature
death, the impact on a small business owner’s family savings and
lifestyle could be significant. Berkowitz recommends business
owners protect against the unexpected: Life insurance, as well as
long-term care and disability insurance products, can help mitigate
some of these risks and protect their personal and professional
interests. Life insurance can also help small business owners in
their succession plans, particularly from an estate tax standpoint.
With today’s longer lifespans, annuities can be a useful solution
when planning for retirement income that needs to last for 30 years
or more.
“Small business owners may also want to consider meeting with a
financial professional to create a holistic financial plan, one
that takes their goals into account and is designed to help them
achieve positive outcomes,” said Berkowitz.
For more information about the research and what matters most to
small businesses, please visit www.lincolnfinancial.com.
About Lincoln Financial Group’s Consumer Sentiment Tracker
Study Lincoln’s Consumer Sentiment Tracker is a research
program that includes quarterly tracking surveys, as well as
omnibus surveys throughout the year. The goal of this research is
to gauge consumer sentiment on a variety of financial topics and
examine trends over time. The 1Q 2023 data was collected in March
2023 using the Qualtrics survey platform. Responses were collected
from a total of 1,004 U.S. adults, including 93 individuals who own
their own business. The sample includes quotas to be representative
of the total U.S. adult population.
About Lincoln Financial Group Lincoln Financial Group
provides advice and solutions that help people take charge of their
financial lives with confidence and optimism. Today, approximately
16 million customers trust our retirement, insurance and wealth
protection expertise to help address their lifestyle, savings and
income goals, and guard against long-term care expenses.
Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is
the marketing name for Lincoln National Corporation (NYSE:LNC) and
its affiliates. The company had $282 billion in end-of-period
account values as of December 31, 2022. Lincoln Financial Group is
a committed corporate citizen and is included on the Dow Jones
Sustainability Index North America and ranks among Newsweek’s Most
Responsible Companies. Dedicated to diversity, equity and
inclusion, we are included on transparency benchmarking tools such
as the Corporate Equality Index, the Disability Equality Index and
the Bloomberg Gender-Equality Index. Committed to providing our
employees with flexible work arrangements, we were named to
FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in
2022 and 2023. With a long and rich legacy of acting ethically,
telling the truth and speaking up for what is right, Lincoln was
recognized as one of Ethisphere’s 2022 World’s Most Ethical
Companies®. We create opportunities for early career talent through
our intern development program, which ranks among WayUp and Yello’s
annual list of Top 100 Internship Programs. Learn more at:
www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn,
and Instagram. Sign up for email alerts at
http://newsroom.lfg.com.
Lincoln Financial Group is the marketing name for Lincoln
National Corporation and its affiliates, including The Lincoln
National Life Insurance Company, Fort Wayne, IN, and Lincoln Life
& Annuity Company of New York, Syracuse, NY, issuing insurance
companies, and Lincoln Financial Distributors, a wholesaling
broker-dealer. Affiliates are separately responsible for their own
financial and contractual obligations.
LCN-5635988-041923
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Media:
Lincoln Financial Group Holly Fair 484-583-1632
holly.fair@lfg.com
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