More than half of Irish women entrepreneurs (52 per cent) feel financially insecure, with nearly one third saying their business would not withstand a financial shock, according to new research by AIB.
The survey, which took insights from women entrepreneurs and small business owners in Ireland to gauge their levels of financial security, found that more than half of the respondents said they believe their company would have to shut down entirely if they were unable to work for a period.
Almost three-quarters of women entrepreneurs said they were focused on business growth and 47 per cent said they were interested in seeking additional funding or investment over the next 12 months.
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While just 52 per cent of business owners had sought financial advice for their business, 70 per cent had done so for their personal finances. Despite this, more than 90 per cent were open to receiving financial advice in either sector, if it was tailored to their needs.
While nearly three-quarters of respondents had a personal pension in place, just 30 per cent said they had established a pension plan through their business and one in five said they had not made any retirement plans at all.
Among those who had set up pensions, there was still uncertainty over how much income their pension would provide, at 36 per cent of respondents to the survey , which was carried out in conjunction with AwakenHub and Network Ireland.
“These findings show that while female business owners are incredibly driven and focused on growth, many are doing so without a financial safety net,” said Ciara Ryan, head of wealth at AIB.
Sinead Crowley, the co-founder of women entrepreneurs network, AwakenHub, said the findings “illustrate a critical intersection between ambition and vulnerability in female entrepreneurship.”
“The fact that over half of respondents don’t feel financially secure is significant,” she said.
