52 percent of business owners surveyed overall say employees think 401(k)s are irrelevant and just aren't interested. (Photo: Shutterstock)

They know they need to offer them to stay competitive, and they see the multiple advantages that 401(k) plans bring—both to themselves and to their employees. But still business owners struggle to communicate to employees how important such plans are, and how important it is that they participate.

These are among the findings of a new survey from Nationwide, which also says that the problem is bigger for women business owners and for younger ones, those aged 18–34.

And it's definitely a challenge to offer 401(k)s, although the benefits—attracting and recruiting top talent (88 percent); tax advantages for both one's business and employees (88 percent); improving employee retention (86 percent); and employees viewing a 401(k) as a necessary benefit (84 percent)—are just as definitely worth the effort.