Small business owners are feeling less optimistic about the economy and growth compared to earlier this year, according to Capital One‘s Spark Business Barometer.

According to the survey, less than a third (31%) of business owners reported improved financial positions over the past year, down four points since March. Growth expectations also fell, with only 38% expecting improved financial position in the next six months, down from 47% in March.

Despite the stalled optimism, business owners plan to increase investments in key areas including: solutions that drive efficiency (34%), expanded workforces (20%) and new technology to improve client interactions (18%).

“Business owners appear to be slightly more cautious given recent market turbulence, pending regulations and the upcoming election cycle – all posing a variety of uncertainties about the future,” said Buck Stinson, head of small business card at Capital One. “At the same time, it’s encouraging to see business owners taking the steps needed to remain competitive – prioritizing and investing in solutions that drive efficiency and enable growth.”

Millenial and female-owned businesses have driven what optimism there is, with 57% of millennial-owned businesses reporting increased sales in the last six months, and 56% of those owned by women reporting that current business conditions are excellent.

However, small business owners continue to struggle to keep up with the pace of technology, with a minority of those surveyed feeling prepared about EMV requirements, while 16% tabbed finding the right software, technology or management tools as a key challenge.