Small business owners favor talking with financial advisors who are the same gender as them, with male business owners showing a stronger bias than female owners, according to a new study.
The study, by financial services-oriented education provider The American College, found that approximately 61 percent of women who are small business owners prefer to speak to a financial advisor who is a woman, while only 24 percent of men favor speaking to female financial advisors. Meanwhile, 75 percent of men prefer to speak to male financial advisors while only 40 percent of women exhibit the same preference.
According to 2010 data from the Bureau of Labor Statistics, only 30.8 percent of women are personal financial advisors.
The survey found other gender differences as well. Eighty-four percent of the women polled said they are concerned about retirement planning, compared to 76 percent of men.
Forty-four percent of the surveyed women said they have consulted with a financial advisor about maximizing their business owner benefits compared to 33 percent of men.
Forty-one percent of women have consulted with an advisor about starting a retirement plan as opposed to 29 percent of men. More women than men list not having enough money in retirement as one of their top three concerns.