A new study by Securian Financial Group looked at the different challenges facing small business owners of different generations. What it found is that Baby Boomers and GenXers have similar concerns, but could use the advice of financial advisors for their varied saving priorities.
The report pointed out that like other investors, life stages shape the concerns and decision making for small business owners. Many more GenXers have children living at home so it is more important for them to take care of their family financially. Of course this focus doesn't make them more conservative investors. They are more willing to take risks with personal funds for higher potential gains.
Half of Boomers surveyed said they already work with a financial advisor, but these small business owners are more concerned with their personal retirement plans and exit strategy and are less concerned with the day-to-day financial challenges they face.
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