Both small business owners and employees cite inflation as the biggest factor currently impacting their finances in the past 3-6 months, a pain point that a retirement plan could help with, according to the report.

"For most employees who were not covered by a retirement plan, their three largest concerns were the rising cost of gas, health care and living expenses," said Grimm. "But what made this finding really unique was that employees who were covered by a qualified retirement plan had less sensitivity to these short-term inflationary pressures, compared to those who don't have a qualified plan."

A large percentage of small business owners say they are highly likely to offer a retirement plan in the next two years, however only 49% have taken any steps to do so. Perceived expense is a key friction area for those not offering a plan, with more than a third of small businesses (34%) citing plan expense as their main concern. Grimm noted plan sponsors have flexibility when preparing their plans and determining how they will afford them, with the option to revisit their selections down the line and find more robust options. Of note to advisors, 94% of small business owners who do not currently offer a plan said they would be likely to open one if the company were to receive startup plan tax incentives or credits.

Related: 2 in 3 small businesses don't offer 401(k)s: Will SECURE 2.0 help move the needle?

Small business owners indicated they are likely to seek information about setting up a plan from family, friends and social media rather than seeking advice from an accountant or financial advisor. That may be because only 39% of small business owners without a plan have a financial advisor to guide them through the process, including new tax credits available through the SECURE 2.0 Act.

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"The passing of SECURE 2.0 creates several provisions that apply to small businesses, one of which is the tax credits for new pension plan start-up costs which increases the credit to 100%, giving more incentive to employers by alleviating much of the administrative burdens associated with managing a retirement offering," said Grimm. "Another is the credit for employer contributions, which can be an important benefit for employees, with our research citing that 78% would participate in a retirement plan if there was an employer contribution match. The tax credit can go hand-in-hand with this as SECURE 2.0 allows small employers to claim a credit for the employer contribution for the first five tax years beginning when the plan is set up."

Kristen Beckman is a freelance writer based in Colorado. She previously was a writer and editor for ALM's Retirement Advisor magazine and LifeHealthPro online channel.