Who’s Most Prepared? Survey Says: Millennials

Small Business MeetingThe Millennial generation often gets a bad rap as irresponsible and poorly-prepared for the workforce. But a recent survey has found that small business leaders under 36 years of age have embraced the preparedness mindset more than any other generation.

Nationwide Insurance’s Small Business Indicator found that millennial small-business owners are more likely than Gen X and Baby Boomers to have plans in place for everything from natural disasters and cyberattacks to retirement benefits and business succession.

Among the 502 businesses with fewer than 300 employees surveyed:

  • Millennials are mostly likely to have a disaster recovery plan in place (51%), followed by Gen X (30%) and Baby Boomers (29%), and
  • On cyber security, 42% of Millennials have a written cyberattack response plan; Gen X came in with 17% and Boomers with 12%.

This mindset is likely an outgrowth of the period during which they entered the workforce. As Nationwide President Mark Berven told Forbes:

A combination of angst and pragmatism is likely driving this trend. Millennials have grown up in an era of deep economic uncertainty. Many started their careers during the financial crisis, saw firsthand the devastating impacts of Hurricanes Katrina and Sandy, and the chilling increase in cyber attacks.”

This is also why DRI is reaching out to the upcoming generation in the field with its Young Leaders in Resilience group. This group serves risk management and related disciplines by developing and supporting relationships amongst its practitioners. You can learn more about the YLR’s first group outing at the Whitney Museum here, and read profiles of group members here.

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