Small business owners' personal finances studied. (Phoenix Home Life's Fiscal Fitness survey)

National Underwriter Life & Health-Financial Services Edition, October, 1994 by Friedman, Amy S.

Phoenix Home Life's Fiscal Fitness survey found that small business owners did more than average but not enough to plan their personal finances. The median savings per year for the 200 small business owners surveyed was $6,000. While 82% had written wills, as opposed to 60% of the general population, about 21% made no provisions for disability or death. The respondents were also reportedly lax in planning for their retirements and in minimizing the effects of taxes on their estates.

Though small business owners are better than the population at large when it comes to planning their personal finances, they are going to need to do more to ensure true fiscal fitness.

This conclusion comes from the latest segment of Phoenix Home Life's Fiscal Fitness survey,...

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