Nearly 65 percent of small-business owners believe that a lack of retirement security hurts business and the overall economy by forcing the current generation of workers to support their aging parents.
According to a recent survey by the American Sustainable Business Council and The Main Street Alliance, 70 percent of small-business owners believe that a lack of retirement security undermines confidence and willingness to spend among older Americans.
That said, only 33 percent of small-business owners offer a retirement plan, while 60 percent of those surveyed said they offer one or are interested in offering one.
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Businesses with more than 20 employees are more likely to offer retirement plans, while 77 percent of businesses with two to four employees do not.
Most small-business owners believe cost is the biggest barrier to offering a plan, but a handful believe the legal and regulatory requirements are too great; they are concerned about liability and plan complexity.
The survey of 515 small business owners was conducted by telephone by Lake Research Partners from March 14-25.
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