"Hearing directly from small business owners of all ages and understanding their challenges is critical for us to deliver on our commitment to savers across America, Renee Grimm, senior vice president of retirement plans for Capital Group, said in a statement."
"We can make a meaningful impact in providing access to retirement for more people if we can help educate owners on the benefits for themselves and their employees of saving for retirement, Grimm said."
Many small-business owners can implement retirement plans with appropriate advice and support. Millennial owners (median age 37) most often view offering a retirement plan as essential (77%), followed by Gen Z (67%) and Gen X (57%). Among owners without a plan, 51% of women and 64% of men say their business is ready to offer one. Main barriers include cost (36%), business size concerns (34%) and lack of administrative resources (32%). Sixty-one percent of owners without a plan would seek advice from a financial adviser, though 31% lack an adviser. Owners with plans report fewer worries and cite improved retention (63%), morale (56%) and loyalty (44%).
Read at www.housingwire.com
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