Small Business is our Business

According to a new study from the Employee Benefit Research Institute, forty-five percent (45%) of older households (those over 50  years) made money transfers to a  younger family member—– up from 39% in 1998.  Among those aged 50-64 it  averaged  $4,000 annually. For those over 64 the amount averaged $2,000. This trend will most likely continue as boomer  kids continue to be strapped with student loan debt and unable to secure good paying jobs.  No worry about estate taxes for the kids. There will most likely be nothing left in the 401k accounts.

A June 2015 Wells  Fargo Real Economy  survey of 3, 533  adults found few Americans have a positive view of the economy.

*Only 22% believe  the public education system  prepares youth for the workforce. Recent reports seem to confirm employers’ inability to locate skilled workers

*Only 22% believe they will  have  a financially secure retirement.  The Federal Reserve recently published a survey and found 31% of Americans  have no retirement savings or pension

*Only 17% believe the U.S. has a strong middle class.  Outsourcing of jobs and the decline of unions  are seen as factors in the decline.

A recent study by Allianz Life, an insurance company offering life insurance and annuities, found Generation Xers view their credit cards as a survival tool.  For those aged 35-48,  48% say credit cards help them make ends meet.  Forty-six percent(46%) pay only a partial amount of debt monthly, while 44% pay in full  and 11% do not use a  credit card.  These Gen Xers are postponing   retirement saving to pay off  student loan debt and are  facing  housing values that are now worth less than when they were purchased.  Not a good sign for the future.

Long Island commuters contribute substantially to the bi-county’s economy.  The Long Island Research Institute  recently examined the latest U.S. Census Data from its Journey To Work survey.  Thirty-nine percent (39%) of all wages and salaries Long Islanders earned are from those who commute to the city. Nassau commuters represent almost 57% of those wages and salaries returned  to the county, while Suffolk commuters earned 21%.  The New York City  continues to be very important to the Long Island economy.

Nielsen just released its First Quarter 2015 Total Audience Report on media consumption. It should come as no surprise that millennials (aged 18-34)  tune in using their smartphones——-spending 9.5 hours weekly , almost double the average of all adults(5.5 hours).  Their tv consumption pales compared to other adults, spending  only 22 hours weekly versus 36 hours by all adults.

The John Templeton Foundation, a philanthropic organization funding inter-disciplinary research,  conducted a study of 5,000  college students in 2014 to determine qualities that young entrepreneurs typically exhibit.  The findings reveal these aspiring entrepreneurs  display four key qualities——innovative thinking, self-control, an inclination to take the initiative, and entrepreneurial mentors who were role models that supported their entrepreneurial interests.

As a small business owner one of your primary concerns is to make sure your website works properly and loads quickly.  A survey of 1,008 adults by Limelight Networks, an online market research firm, found most consumers would not wait more than FIVE SECONDS for a website to load.  A look at the percentage of consumers who would wait up to five second before leaving by age includes——

18-29 years        48%

39-44 years        34%

45-60 years        42%

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