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Data for today’s episode is provided by Mercator Advisory Group’s viewpoint – Consumers and Personal Finance: Primary Financial Institutions Can Help
What’s the annual median revenue of a US small business?
- Annual median revenue of a US small business is $78,000
- 41% of small business owners are between the age of 18-34
- 36% of small business owners claim to make over $100,000 a year
- About one in six, 17%, of small business owners claim to have revenues over $500,000
- Age is not closely correlated to business performance
- 18-34 yr old owners average $81,300 in revenue 35-64 yr old owners average $76,500 in rev.
- Household income is highly predictive of small business revenue: household’s earning >$100,000 have an average small business revenue of $368,900
About the report
Mercator Advisory Group’s most recent Insight Summary Report, Consumers and Personal Finance: Primary FIs Have an Opportunity to Help, from the bi-annual CustomerMonitor Survey Series, reveals that over 80% of U.S. consumers 18–34 years old would be open to budgeting, saving, and credit monitoring help from their primary financial institution. More specifically, 89% would be interested in talking to their primary FI about setting a household budget to meet their goals, 88% would be interesting in budget monitoring services, 87% would be interested in automatic savings plans to help meet their budgeting needs, and 84% would be open to a conversation about credit monitoring services.
The report is based on a sample of 3,001 U.S. adults surveyed in the annual online Banking and Channels survey of Mercator’s CustomerMonitor Survey Series, conducted in November 2018.
“Oftentimes primary financial institutions lose out on the opportunity to help their customers build wealth as those customers look to other financial services to address their personal finance needs. Focusing on the younger customer as they start to build wealth is a great opportunity to attract them before they begin to look elsewhere,” stated the author of the report, Peter Reville, director of Primary Data Services at Mercator Advisory Group, which includes the CustomerMonitor Survey Series.
Companies mentioned in this report include: AceMoney, BankTree, iCash, Intuit Quicken, Microsoft Money, Mint, Moneydance, MoneyLine, Personal Capital, and YouNeedaBudget.