Barlow Research Associates A Generational Shift in Business Banking Behaviors Is Upon Us, and It's Not Just Among Your Millennial Customers covers the banking transaction channels used by small businesses by the age cohort of the owner.
As the Barlow chart below shows (click to enlarge), there's a big difference in the use of mobile banking applications.
64% of Gen X and Millennial SMB owners (those younger than 57) regularly use mobile apps for their banking transactions. Only 41% of Baby Boomer SMB owners (those aged 57 +) use them.
The article also points out that the average age of a small business owner is 62.
We've covered that the average small business owner is pretty old a fair amount over the years.
But it's worth repeating because younger tech startup owners tend to get much attention. This leads people to believe the average small business owner is younger than they are.
Barlow, a leading provider of market research and consulting services to financial institutions, defines small businesses as those with between $100,000 and $10 million in revenue. This means a strong majority of these firms have employees.
