Small business. Big insights.
Welcome to How America Saves 2026: Small Business Edition, Vanguard’s report on the saving behavior of participants in more than 21,000 small businesses across the U.S. in 2025.* This supplement to our flagship research gives small-business sponsors and their advisors valuable data and insights to help improve their retirement plans and make them more competitive in a growing market.
Small-business plans saw strong saving and engagement trends in 2025
73
%
of eligible employees participated in small business retirement plans.
11
%
of participant pay went towards retirement on average, when employee and employer contributions were combined.
70
%
of participants used professionally managed investments, with 66% investing in a single target-date fund.
*The data in How America Saves 2026: Small Business Edition is pulled from more than 21,000 retirement plans in our Vanguard Retirement Plan Access (VRPA) business with assets ranging from $2 million to $50 million.
All investing is subject to risk, including the possible loss of the money you invest.
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