Small and medium-sized enterprise (SME) operators tend to start preparation from retirement after age 50, according to an MYOB survey.
The business management solution provider also found that 52 per cent of those under the age of 50 had not done any retirement planning at all.
SMEs were also found to not adequately provide super with 65 per cent paying into super and only 45 per cent of self-employed paying into super.
MYOB chief executive, Tim Reed, said while SMEs believed they would need around $1 million to retire comfortable, 54 per cent of respondents would not have saved enough when the time came.
“It’s surprising to see that superannuation is not top of mind for all small business operators, given many contribute regularly to their employees super,” Reed said.
“MYOB research highlights a huge gap between what business operators know they should be doing, and what they are actually doing. We need to support our SMEs in retirement planning and emphasise the importance of regularly contributing to their own super.”
The survey also found that 72 per cent of SMEs had experienced bad debt, while a further 54 per cent needed to wait over six months to be paid by a customer.
