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Survey: Small-Business Owners Tightening their Purse Strings

Paul Partyka |

SAN FRANCISCO — Is the economy affecting your spending and saving habits? Have you put off buying a washer or dryer? If so, you’re not alone. Half of small-business owners say they have postponed a major purchase in the past three months, and nearly as many (44%) say they’ve reduced the amount of money they’ve deposited into savings, checking or a CD, according to the most recent Wells Fargo/Gallup Small Business index survey.In addition, 31% say they have reduced the amount they have contributed to a retirement account. Overall, more than one-third of small-business owners say that their personal financial situation as a whole is getting worse.Small-business owners also show concerns about not having enough money for the future. Seventy-five percent have concerns about paying for gas, and more than half (51%) are worried that they will not have enough money for the next 12 months’ regular medical and dental expenses.“Times of economic downturn often showcase the resiliency of small-business owners,” say Rebecca Macieira-Kaufmann, head of Wells Fargo's small-business segment. “What’s critical now, as in any economic environment, is that business owners maintain strong financial management practices and plan for the future.” 

About the author

Paul Partyka

American Coin-Op

Paul Partyka was editor of American Coin-Op from 1997 through May 2011.

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