Discover® Small Bus. WatchSM:Small Bus. Economic Confidence Steady in DecemberFewer See Economic Conditions in the Country G...
28 Dicembre 2009 - 1:17PM
Business Wire
Economic confidence among America’s small business owners was
steady in December as fewer of them think the U.S. economy is
getting worse compared to November, and more see conditions for
their own businesses getting better in the next six months,
according to the Discover® Small Business WatchSM. The Watch index
improved slightly in December to 77.0 from 76.5 in November.
“Small business owners are entering 2010 on a cautious note,”
said Ryan Scully, director of Discover's business credit card.
“They’re still looking for more encouraging signs in the overall
economy, but on a positive note, the number of them who see
conditions for their own businesses getting better in the next six
months increased for the first time since August.”
December Indicators:
- The number of small business
owners who think the economy is getting worse was down to 49
percent from 53 percent in November; while 24 percent of small
business owners see the economy staying the same, up from 16
percent in November; 25 percent see the economy getting better,
down from 28 percent in November; and 2 percent are not sure.
- 22 percent see conditions for
their own businesses getting better in the next six months, an
improvement from 19 percent in November; but still in contrast to
the 52 percent who see conditions getting worse, 24 percent who see
things staying the same, and 3 percent who aren’t sure.
- 35 percent rate the current
economy as fair, up from 30 percent in November; while 61 percent
rate it as poor, and 4 percent rate it as good or excellent.
- 18 percent of owners say they
will increase spending on business development activities such as
advertising, inventories and capital expenditures in the next six
months, 26 percent will make no changes, 51 percent plan to
decrease spending, and 5 percent are not sure.
- 51 percent of owners have
experienced cash flow issues in the past 90 days, down 1 percentage
point from last month; 45 percent of owners have not experienced
cash flow issues, and 4 percent aren’t sure.
Financial Planning Poll: 62% of Small Business Owners Have a
Retirement Plan
When asked about planning for the future, 62 percent of small
business owners say they have a financial plan for their
retirement, while 33 percent do not, and 5 percent are not
sure.
Sixty-three percent say it is “somewhat or very likely” that
they will have enough saved to last through their retirement, 25
percent say it is “not very likely,” 7 percent say it is “not at
all likely,” and 4 percent are not sure.
Nearly three in four small business owners, 74 percent, say the
recession has reduced their retirement savings, 19 percent say the
recession had no impact, and 6 percent saw their retirement savings
increase.
Of those owners who say their retirement savings have gone
down:
- 12 percent saw a decrease of up
to 10 percent
- 24 percent saw a decrease of 10
to 20 percent
- 17 percent saw a decrease of 20
to 30 percent
- 24 percent saw a decrease of 30
to 50 percent
- 19 percent saw a decrease of
more than 50 percent
- 5 percent were not sure
Most Small Business Owners Make Their Own Investment
Decisions
Fifty-six percent of small business owners say that they make
their own investment decisions, 35 percent use a financial planner
or other investment professional, and 9 percent are not sure. When
asked if they have financial planning assistance through a spouse’s
employer, 84 percent of owners say they do not, 13 percent say they
do, and 4 percent are not sure.
Fifty-two percent of owners have an IRA account, and 29 percent
of them have a Keogh, Solo 401(k) or a Simplified Employee Pension
plan.
Few Planning Early Retirement
Small business owners seem to be in no hurry to stop working;
and depending on how you phrase the question, roughly a third of
them don’t ever plan to step down.
When asked at what age they plan to retire, only 13 percent said
before age 60, 28 percent said between ages 60 and 65, 18 percent
said between ages 65 and 70, and 9 percent will retire past 70. Not
surprising – based on previous surveys – is that 30 percent said
they do not plan to retire.
When asked what they eventually planned to do with their
businesses, 23 percent will close them, 19 percent will transfer
ownership to a family member, 13 percent want to sell, 6 percent
will hire someone else to run it, and 3 percent aren’t sure. And
similar to the age question, 36 percent responded that they do not
plan to retire, down from 42 percent in August 2006.
The views and opinions expressed by small business owners and
consumers who participate in the Small Business Watch survey are
their own and do not necessarily reflect those of Discover
Financial Services or its affiliates.
About the Small Business Watch
The Discover Small Business Watch is a monthly index measuring
the relative economic confidence of U.S. small business owners who
have less than five employees, a segment that consists of 22
million businesses producing more than a trillion dollars in annual
receipts. The Watch is based on a national random survey of 750
small business owners. It is commissioned by Discover Business
card, which strives to offer the best business credit card for
American small businesses, and is conducted by Rasmussen Reports,
LLC (www.rasmussenreports.com), an independent survey research
firm. The numeric index is calculated by assigning values to
responses to a set of six consistent questions. The base value of
the Watch was established at 100.0 based on surveys conducted in
August 2006. In addition to generating the index, the Small
Business Watch surveys small business owners every month on key
issues, and polls 3,000 consumers four times per year to gauge
purchasing behavior and attitudes towards small businesses. For
past results and survey data, visit
www.discovercard.com/business/watch. For information on Discover
Business card, visit www.discovercard.com/business.
About Discover
Discover Financial Services (NYSE: DFS) is a leading credit card
issuer and electronic payment services company with one of the most
recognized brands in U.S. financial services. Since its inception
in 1986, the company has become one of the largest card issuers in
the United States. The company operates the Discover card,
America's cash rewards pioneer, and offers student and personal
loans, as well as savings products such as certificates of deposit
and money market accounts. Its payments businesses consist of
Discover Network, with millions of merchant and cash access
locations; PULSE, one of the nation's leading ATM/debit networks;
and Diners Club International, a global payments network with
acceptance in 185 countries and territories. For more information,
visit www.discoverfinancial.com.
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