Data & Research
A Fifth of Small-Business Owners Tap into 401(k)s
The recession has taken a toll on small-business owners' retirement savings and personal health, according to a new survey.
Reported by Rebecca Moore
More than a quarter of respondents (27%) indicated they do not have the financial resources to weather the next quarter. Eighty percent of the respondents give their business a nine-month lifespan if economic conditions do not improve, 16% said three months, and 4% reported six months of survival.
In addition, the survey of 713 small-business owners across the United States found that 52% said they’ve experienced negative health effects—both physically and mentally—due to the recession.