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This 2018 Pennsylvania Small Business Owner Survey was a telephone study among small business owners about retirement savings. Nearly three in five (57%) small business owners in Pennsylvania express concern about their employees not having enough money to cover their health care or living expenses when they retire.
Key findings include:
- Almost three in four (72%) small business owners in Pennsylvania responding to this survey say they do not offer a retirement savings plan.
- Two in three (63%) of those who do not offer a retirement savings plan to their employees say they do not offer these plans because they are too costly.
- Three-quarters (74%) of respondents support a privately managed, ready-to-go retirement savings option that would help small businesses in the state offer their employees a way to save for retirement.
- Over two in three (67%) of those who do not offer their employees a retirement savings plan say they are very likely (30%) or somewhat likely (37%) to offer a state retirement savings option if one were available.
- Most (88%) Pennsylvania small business owners agree that state lawmakers should support a state retirement savings proposal.
The 2018 Pennsylvania Small Business Owner Survey was a telephone study among 454 small business owners or decision makers about employee benefits at companies with 1-100 additional employees. Interviews were conducted March 12–March 30, 2018. Respondents were offered a $5 check for their participation. Sample, including owner names and companies, came from a Dun & Bradstreet business list. Therefore, the data reported here is unweighted as there is no suitable statewide universe to weight back to other than the Dun & Bradstreet list. For more information, contact Jennifer Sauer at email@example.com.
Sauer, Jennifer. 2018 AARP Survey of Small Business Owners in Pennsylvania. Washington, DC: AARP Research, June 2018. https://doi.org/10.26419/res.00227.001