Saving for retirement is a worrisome topic for more small business owners, according to the American Express OPEN Small Business Monitor, a semi-annual survey of business owners/managers of companies with fewer than 100 employees.
The latest findings, released this week, show more than eight-in-ten (81%) business owners are worried about their ability to save for retirement — up from 74% last spring. The average amount estimated for retirement is $1,205,000, slightly less than the $1,286,000 estimated by respondents in spring 2007.
The survey broke down its findings in a number of ways, including small business owners by generation. Among these findings: Baby boomers are most likely to have cash flow issues, Generation X is most likely to use online marketing techniques for business and Generation Y has the most positive outlook on the economy.
Here’s a news release with other highlights from the survey.