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Welcome to the WISE newsletter, a program of
The Falcone Center for Entrepreneurship at Syracuse University
 

Tuesday, November 22, 2005

Article: Small-Business Owners Aren't Saving Enough

As the article states:

According to a September U.S. Census report, the number of businesses with no paid employees rose 5.7% to 18.6 million in 2003 from 17.6 million in 2002. That is the steepest increase since the agency started collecting the data in 1997.

Yet despite this growth, most micro-business owners don't feel confident about having enough resources for retirement. A September online member poll by the National Association of the Self-Employed found that only 7.5% of respondents feel "very confident about retirement," and 56.6% feel "not very or not at all confident." Almost 30% of the respondents have no retirement savings, and about 25% have less than $15,000.

Read the rest of the article here.

1 Comments:

Anonymous Anonymous said...

Jill --

There's a major problem reporting these two numbers side by side: One is a 2003 study, the other is a 2005. If we can figure out what the trend has been over the past two years -- and maybe the few years before that -- on the first poll, and then see how the numbers have trended on the second survey reported, we'd get a more complete story.

I realize that these are the numbers we have available, but we really shouldn't be drawing any conclusions from them without trend data. And we definitely should not be combining them in any way.

8:22 PM  

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