Baby Boomer owners fret more than ‘in-control’ Millennials, Chase for Business survey reveals

Survey for the Ages: Millennials more plugged into technology, social
media
than GenX and Baby Boomers

NEW YORK–(BUSINESS WIRE)–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.


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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Contacts

Chase for Business
Edward Kozmor
Head of PR
for Chase – Business

302-282-7170
Edward.Kozmor@chase.com