Small Business Owners, Teens and Consumers Discuss Recovery Economy
NEW YORK–Spending, saving and a growing sense of optimism were common topics heard from small businesses, teens and consumers at the Intuit Money Matters Town Hall this week in New York City.
As the Great Recession has taught Americans they canât afford to ignore their money matters, Intuit Inc. (Nasdaq: INTU), maker of QuickBooks and Quicken, gathered groups of East Coast-based small businesses, teens and consumers to hear how they are surviving and thriving in the ârecoveryâ economy.
Town Hall Highlights
* Small Business â New York-based small business owners are optimistic, with many willing to take risks and expand, despite the uncertain economy. Among their concerns: the ability to offer employee benefits, especially healthcare; the effectiveness of marketing expenses, and getting paid. The session was hosted by Rhonda Abrams, small business expert and author of best-seller, âThe Successful Business Plan: Secrets & Strategiesâ and âHire Your First Employee,â and Cameron Schmidt, vice president of Intuit’s Employee Management Solutions Division.
* Kids and Money â New York area high school students want to make the most of their money today and learn how to save for the future. Whether itâs paying for prom, or saving for college, becoming financially literate is a priority for todayâs teens. Anya Kamenetz, author of âDIY U: Edupunks, Edupreneurs, and the Coming Transformation of Higher Educationâ and âGeneration Debt,â and Aaron Patzer, vice president and general manager of Intuit’s Personal Finance Group and the founder of Mint.com, moderated a lively discussion focused on financial literacy. Emmons Patzer, Aaron’s father, also joined the session.
* Personal Finance â Residents from in and around New York discussed how theyâve changed their financial habits as a result of the recession. Theyâve become more aware â setting financial goals, looking closer at spending habits, paying off credit card debt and saving for an emergency. This session was led by Patzer and Beth Kobliner, personal finance expert and author of the New York Times best seller, âGet a Financial Life.â Patzerâs closing advice: âSave. Invest. Be protected.â
Quotes
Cameron Schmidt, vice president of Employee Management Solutions division
* âNow, more than ever, the best resources small businesses have are each other. They are eager to hear from others on what has worked for them, and share their own experiences. At Intuit weâre encouraging important dialogue just like this through our communities of entrepreneurs every day.â
Aaron Patzer, vice president and general manager of Intuit’s Personal Finance Group and Mint.com founder
* âThe recession forced Americans to pay attention to essential money matters like budgeting and saving. And thatâs made people more comfortable talking about finances. We had a great conversation about how to best help people address immediate challenges to be better able to reach life goals. Itâs important to remember that money is for living â itâs not the number that matters, as much as being sure you have what you need to do the things you want in life.â
Intuit Money Matters Town Hall survey findings
The Intuit Money Matters Town Hall Small Business Survey revealed several trends among entrepreneurs:
* Uniting for help
o 64 percent of small businesses said the recession made them more likely to get advice from fellow small business owners.
* Choosing the small business path
o 62 percent said they would recommend starting a small business to their family or friends, even as they continue facing uncertain financial times.
* Looking to hire
o 52 percent of small business owners with at least one employee said they plan to hire in the next 12 months. Thatâs up from 44 percent who were surveyed in September 2009. Additional data on small business hiring appears in the Intuit Payroll Index.
The Intuit Money Matters Town Hall Consumer Survey found that:
* The recession fuels more conversations about money:
o 75 percent are now more likely to talk about money issues with their coworkers.
o 39 percent say they now talk more openly about their finances.
* The recession weighs heavy on consumersâ minds:
o One out of three people are losing sleep over money â more than their careers or marriages combined.
The full surveys are available at:
* Intuit Money Matters Town Hall Small Business Survey.
* Intuit Money Matters Town Hall Consumer Survey.
Quick links:
* Intuit Town Hall website
* Intuit Town Hall sessions (replays)
* Intuit Town Hall on Twitter
* Satellite coordinates for video footage: Waterfront/accent loop 1625
Resources:
* Intuit Press Room
* Intuit Small Business Employment Index
* Small Business United Blog
* Mint.com blog
About the Survey Results:
Intuit Town Hall Money Matters Consumer Survey Methodology
The findings of the general population poll are based on an Ipsos poll conducted April 8-12 and 15-19, 2010 on behalf of Intuit. For the survey, a nationally representative, randomly selected sample of 1,001 adults (aged 18 and older) across the United States was interviewed via phone by Ipsos. With a sample of this size, the results are considered accurate within 3.1 percentage points, 19 times out of 20, of what they would have been had the entire adult population in the U.S. been polled.
All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. These data were weighted to ensure that the sampleâs composition reflects that of the actual U.S. population according to U.S. Census figures.
Intuit Money Matters Town Hall Small Business Survey Methodology
These are some of the findings of an Ipsos survey conducted online, April 15-20, 2010, with 300 small business owners in the U.S. The survey was conducted online among Ipsos panel members (aged 18 and older) who reported owning or operating their own small business.
All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. Data cited prior to April 2010 is from previous surveys. Please contact Intuit for more information on those specific methodologies.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooksÂź, QuickenÂź and TurboTaxÂź, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeriesÂź and LacerteÂź are Intuit’s leading tax preparation offerings for professional accountants. Intuit Financial Services provides enhanced online banking solutions and unique insights to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
