Baby Boomer owners fret more than ‘in-control’ Millennials, Chase for Business survey reveals
December 01 2015 - 9:30AM
Business Wire
Survey for the Ages: Millennials more plugged
into technology, social media than GenX and Baby Boomers
Millennials are more likely to feel in control in running their
small businesses while GenX and Boomer business owners feel more
challenges, according to findings released today from Chase for
Business.
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Chase’s “Survey for the Ages” quizzed Baby Boomer (ages 51-69),
GenX (35-50) and Millennial (18-34) small business owners on topics
from technology and job satisfaction to digital payments, loyalty
programs and banking.
Here’s what they said:
- Staying in control: Millennials are
more likely to describe being a small business owner as feeling in
control (35%) compared to GenX (24%) and Boomer (29%) owners.
- Facing challenges: GenXers (68%) and
Boomers (62%) are more likely to describe being a small business
owner as challenging compared to Millennials (53%).
- Managing debt: GenXers (30%) and
Boomers (33%) are also more likely to say managing debt and
expenses is one of their biggest challenges compared to 23% of
Millennials.
- Steering growth: GenXers (69%) and
Millennials (68%) see growing their business as a concern, compared
to Boomers (53%).
Keeping up on payment technology, loyalty and social
media:
- Most small business owners (83%) feel
the need to keep up with technology to remain competitive, of those
one-quarter (73%) feel they’re doing so however Millennials (87%)
are the largest in this group to feel this way compared to only 66%
of GenX and Boomers.
- Staying loyal: Boomers (40%) don’t find
loyalty programs as essential as Millennials (62%) and GenXers
(64%).
- Many business owners realize the need
to keep up with tech advancements (83 %) – among them, Millennials
place much more importance on social media (60%) than GenXers (44%)
and Boomers (46%)
“Small business owners of all ages know they need to keep up
with technology, but they also need the tools to make the
transition as simple and smooth as possible,” said Laura Miller,
President of Ink from Chase, the business credit card portfolio of
Chase for Business.
Chase for Business integrates business banking, business cards
and payment processing under a single brand. Chase serves 4 million
American small businesses and has more than 10,000 specially
trained bankers working with businesses across the country.
About the Survey
The survey was fielded by Braun Research from July 9 through
July 14, 2015. The survey reached 900 small business owners (SBOs)
nationally of companies with one to 99 employees. The survey has a
margin of error is +/- 3.3 percent.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.4 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
credit cards, mortgages, auto financing, investment advice, small
business loans and payment processing. Customers can choose how and
where they want to bank: 5,400 branches, nearly 18,000 ATMs,
mobile, online and by phone. For more information, go to
Chase.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151201006066/en/
Chase for BusinessEdward KozmorHead of PR for Chase –
Business302-282-7170Edward.Kozmor@chase.com
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