This AARP survey explored the opinions of 511 Utah small business owners or decision makers on employee benefits. More than two in three small business owners are concerned as taxpayers that some Utah residents haven’t saved enough money for retirement. More than half say they are concerned that their employees will not have enough money to cover health care or living expenses when they retire.
About two in three small business owners in Utah say they don’t offer a retirement savings plan. Three in five say they don’t offer it because it’s too expensive, and a third say they’re worried about the complexity of how it works. Thinking about the impact of the COVID-19 pandemic on small business owners and workers, more than three in four agree that having access to a retirement savings program is essential. In fact, the majority of Utah small business owners agree that the ability to offer a simple, inexpensive retirement savings program helps local small businesses attract and retain quality employees and stay competitive. .
Main findings
- More than two in three Utah small business owners are concerned as taxpayers that some Utah residents haven’t saved enough money for retirement.
- Two-thirds of Utah small business owners say they don’t participate in or offer a retirement savings plan.
- More than seven in ten respondents would support a program requiring employers (with 10 to 100 employees) who do not already offer a workplace retirement savings plan to enroll their employees.
Methodology
Interviews were conducted from September 30 to October 31, 2021. The sample, including owners and company names, is taken from a Data Axle USA list and is weighted using the 2017 US Census Economic Census Office (based on industry, number of employees, and county).
For more information on this survey, please contact Lona Choi-Allum at lallum@aarp.org. For media inquiries, please contact External Relations at media@aarp.org.
Suggested quote:
Choi-Allum, Lona. AARP Utah Work & Save Survey of Small Business Owners. Washington, DC: AARP Research, May 2022. https://doi.org/10.26419/res.00496.001
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