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National survey challenges common perceptions about millennials

Staff Writer | August 19, 2016
When it comes to preparing for the future, Millennial small-business owners are seemingly the most concerned generation in recent history.
Millennials
Generations   Most likely to have a disaster recovery plan
They are more likely than Gen X or Baby Boomers to have plans for natural disasters, retirement benefits, cyberattacks and even business succession.

Those Millennial generation facts stem from Nationwide's second annual Small Business Indicator, a national survey conducted online by Harris Poll from June 10-23 among 502 U.S. small-business owners with fewer than 300 employees.

millennials are most likely to have a disaster recovery plan in place (51 percent), versus Gen X (30 percent) or Baby Boomers (29 percent).

Retirement planning: millennials are most likely to offer retirement benefits (59 percent); they are also most likely to offer their employees any of the following benefits (84 percent), versus Gen X (60 percent) or Baby Boomers (46 percent): medical insurance, paid time off, retirement benefits (e.g., 401(k)), workers' compensation, dental insurance, vision insurance, life insurance, short-term disability, long-term disability and domestic partner benefits.

Cyber security: More millennials have a written cyberattack response plan in place (42 percent), versus Gen X (17 percent) or Baby Boomers (12 percent) Business succession: millennials are most likely to currently have a business succession plan in place (61 percent), versus Gen X (32 percent) or Baby Boomers (32 percent).


 

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