Study: Crisis in employee retirement planning

By John Peabody
April 17, 2012

A study from Nationwide Financial shows African American small business owners are worried about their employees’ retirement plans, but are increasingly optimistic about the economy and willing to invest more in employee benefits than other small business owners.

According to the study, small business owners say not enough of their employees have sufficiently planned for  retirement and the situation has reached  “crisis levels.”

“There’s a tremendous level of desperation with small business owners today,” notes Robin Wilson, CEO of Robin Wilson Home, in the below video from Reuters.

Despite the bleak situation with retirement planning and the economy, the survey found that many African American small business owners are hopeful that the economy will improve. Nearly a quarter of those African American small business owners surveyed said they would start to offer employees a 401(k) plan within the next two years, compared to 11 percent of all small business owners. Similarly, 28 percent of African American small business owners said they would add health insurance plans for their employees within the next two years, compared to 11 percent of all small business owners.

See the video below for more on how African American small business owners see the economy:

 

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