500 small business owners (SBOs) participated in the survey
Nearly half of business owners don’t have emergency funds. Source:?shutterstock.com
ShareBuilder 401k conducted a survey revealing that 54% of small business owners expect market volatility to last more than 6 months. At the same time, 35% of them anticipate conditions will continue for at least a year.
According to the report, 47% of SBOs don’t have an emergency fund to support them during a downturn. Meanwhile, 79% and 75% have no access to loans and lack open lines of credit, respectively.
Besides, the majority of SBOs revealed they intend to cut marketing and operating costs first, followed by the workforce and business hours and benefits.
At the same time, 25% of small business owners have no emergency contingencies in place at all.
The report also highlights that 30% of marketing expenditures and operating costs are most likely to be decreased first.
Among 500 small business owners surveyed, 44% aren’t sure they are saving enough money for retirement. At the same time, 43% of them are contributing less than 1% or nothing to retirement.
We’ve reported that nearly 80% of UK consumers expect their finances to get worse.
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