Release Date: May 14, 2018
Author: Alex Kofsky
78% of young adults in the midwest believe exporting agricultural products is good for the U.S. economy.
In recognition of World Trade Month, First National Bank of Omaha today released the results of its 2018 State of Midwest Agribusiness Survey. The inaugural survey examined young Midwesterners’ knowledge, beliefs and concerns pertaining to the current state—and future—of agribusiness, covering topics from trade policy to climate change and beyond.
The study found that 78% of 18-to-34-year olds in the Midwest believe that the exportation of the country’s agricultural products leads to a stronger U.S. economy. In addition, 63% believe that the future of agribusiness is strong, and 36% are in fact unaware of the industry’s workforce shortage.
“Young people are the future of agribusiness, and it is encouraging to see that they are thinking about these big issues—from trade to climate change to technology—which will be impacting the industry,” said Stephanie Moline, Executive Vice President, Corporate Banking. “It is worth noting, however, that with 36% of respondents unaware of the industry’s workforce shortage, businesses that support agribusiness need to do a better job of educating people on what it means to work in that field—and all the opportunities it offers for a fulfilling, financially rewarding career.”
Among the survey’s findings:
- Climate Change: 76% are concerned about climate change’s impact on the agribusiness industry, while 24% are not.
- Earning Potential: Of those who work or are planning to work in agribusiness, money and financial stability is the leading reason (43%) for them to work in the industry, followed by passion for the industry (38%) and continuing the family business (18%).
- Value of the Work: Of those who do not work and have no plan to work in agribusiness, the value of the work (65%) is the most commonly cited aspect of a career in agribusiness that would be appealing, followed by money/earning potential (44%), being near family (43%), day-to-day lifestyle (41%), geographic location (29%) and technological advancements (26%).
Additional data from the survey results is available upon request. This report is a follow-up to First National Bank of Omaha’s Financial Literacy and Lifestyle Survey, released in April, which found that half of 18-to-60-year-olds do not regularly contribute to a 401(k).
The study was conducted online using Survey Monkey. Five hundred participants were polled, spanning across the Midwest. Participants were 18 to 34 years old and represented a broad range in income, geographic location and gender.