Many small business owners are struggling to provide retirement savings benefits, a new study from Fidelity has found. The firm's 2023 Small Business Retirement Index found that almost half (48%) of small business owners say they cannot afford to offer a retirement plan. Only one-third (34%) offer some form of retirement benefits to employees.
The report comes at a time when businesses are competing fiercely for workers, and the lack of retirement benefits is seen by many as a major disadvantage for small business owners.
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