Eighty-two percent of Millennial small-business owners are confident that their local economy will improve over the next year.
Despite financial challenges and an economy still struggling to gain traction, Millennial optimism is undimmed. This extends to Millennial small-business owners, according to a Bank of America survey released Thursday
Eighty-two percent of Millennial respondents to Bank of America’s 2014 Small Business Owner Report are confident that their local economy will improve over the next year, compared with 50 percent of Gen-Xers and 41 percent of Baby Boomers. Among small-business owners overall, half believe their local economy will improve over the course of the next 12 months, up from 45 percent a year ago.
Nearly eight-in-ten Millennial small-business owners expect their revenue to increase during the next 12 months, compared with 71 percent of Gen-Xers and 52 percent of Baby Boomers. Eighty-seven percent plan to grow their business over the next five years, compared with 73 percent of Gen Xers and 57 percent of Baby Boomers.
Millennial small-business owners, too, are the most optimistic that will be ending the year on a good note with three-fourths expecting to achieve their year-end revenue goals, the survey finds. More than nine-in-ten (93 percent) believe they will meet their target, compared with 80 percent of Gen-Xers and 73 percent of Baby Boomers.
A majority of small-business owners overall believe the American Dream is attainable through hard work. Belying the characterization of an entitled generation, Millennial respondents were the most likely to believe they had achieved the American Dream (88 percent vs. 79 percent of Gen-Xers and 76 percent of Baby Boomers).
This optimistic mindset is consistent with a 2014 Spectem’s Millionaire Corner study of affluent households, in which the youngest respondents indicated a more confident and optimistic mindset than previous generations. Fifty-five percent expect their personal financial situation to be stronger a year from now, compared with 48 percent of respondents overall with a net worth of at least $100,000.
Half expect to have sufficient income to live comfortably during retirement compared with 43 percent of Gen Xers and late Baby Boomers (but they are also more concerned that their household is not saving enough to meet their financial goals).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.