Research shows that Business Owners have significant concerns regarding the economy and the election
Representing well over a million US households, Business Owners and their attitudes and opinions will be critical in the upcoming election. Based upon recent research completed by Spectrem Group, Business Owners are very concerned about their retirement, their business revenues, and financing the educations of their children and grandchildren.
As many of you know, Spectrem Group does ongoing research with investors across the country on an ongoing basis. Our recent report focuses on Business Owners of multiple different wealth levels. Not surprisingly, as the level of wealth increases, the percentage of households represented by Business Owners also increases. For example, 27 percent of the 107,000 households with more than $25 million of net worth, are Business Owners. This compares to the 3 percent of Mass Affluent households (those with $100,000 to 1,000,000 of net worth) that are Business Owners. There are, however, 36.7 million Mass Affluent households, thus more than a million are Business Owners.
For the most part, the research shows that what are defined as “National Concerns” are much higher for Business Owners than for other households. For example, 98 percent of Mass Affluent Business Owners, 75 percent of Millionaire Business owners and 92 percent of Business Owners with more than $5 million of net worth are concerned about the National Debt. In comparison, 71 percent, 76 percent and 80 percent of other investors in the same segments feel similarly. Results are similar regarding tax increases.
The national concerns with the most dramatic results include concerns over the Prolonged economic downturn and the Upcoming general election. One hundred percent of Mass Affluent Business Owners are concerned about a Prolonged economic downturn and 96 percent are worried about the Upcoming general election. Ninety eight percent are worried about the Political Environment.
While the research did not specifically ask these Business Owners who they might vote for, some assumptions can probably be made regarding their attitudes. Considering this group is the least likely to believe things will be better in the next twelve months, you might believe that they are likely to get out and vote on election day.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.