Millennials Most Likely to Feel "In Control" of Their Business
Millennials (18-34) are much more likely to feel in control of their business than Baby Boomers (51-69) or GenXers (35-50), according to Chase’s “Survey for the Ages.” 35% of Millennials feel as if they have a good handle on their small businesses, compared with 24% of GenXers and 29% of Boomers.
Chase surveyed small business owners on topics such as technology, job satisfaction, digital payments and loyalty programs. The survey found:
- GenXers (68%) and Baby Boomers (62%) reported feeling more challenged than Millennials (53%).
- Only 23% of Millennials said that managing debt and expenses was one of their biggest challenges, compared to 30% of GenXers and 33% of Boomers.
- Baby Boomers were the least likely to list growing their business as a concern (53%), while 69% of GenXers and 68% of Millennials did think about evolving their business.
The survey also found generational differences on payment technology, loyalty and social media:
- Nearly all small business owners (83%) know they need to keep up with technology to be competitive. Millennials are the most confident that they are actually doing so (87%), compared to only 66% of GenXers and Boomers.
- Millennials (62%) and GenXers (64%) find loyalty programs much more important than Boomers (40%).
- Millennials (60%) place more importance on staying up-to-date with social media advancements 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.