Survey findings show that Michigan small business owners and decision makers (those with 1-100 additional employees) agree that saving for retirement through work is important. Over half (55%) of respondents expressed concern regarding their employees having enough retirement savings, and about three in four agree that the state should do more to encourage residents to save for retirement.
Key findings include:
- Two-thirds support a privately managed, ready-to-go state retirement-savings plan that would help Michigan small businesses offer employees a way to save for retirement.
- A majority of Michigan small business owners agree that being able to offer a retirement-savings plan provides a competitive edge.
- Three in five Michigan small business owners would offer employees a state retirement-savings plan if available.
The AARP 2016 Michigan Small Business Owner Work and Save Study was a telephone study among 450 small business owners or decision makers about employee benefits at companies with 1-100 additional employees within the state of Michigan. Interviews were conducted April 18-May 5, 2016. Respondents were offered a $5 check in appreciation for their participation. Sample, including owner names and companies, came from a Dun & Bradstreet business list.