Business Daily Media

Men's Weekly

.

One in five young adults are saving to start their own business

  • Written by NewsServices.com

Ever dreamed about telling your boss to “shove it” and starting up your own business? Well, there’s been a big jump in Millennials and Gen Zs who are saving up to do just that (well, maybe except for the “shove it” part!).

There’s something romantic about the notion of starting your own business.

You know, opening up a hole-in-the-wall cafe or little alleyway bar, growing a loyal band of merry locals, and waxing lyrical with them into the wee hours of the morning.

Of course, as any small business owner will attest, the realities of running a business are very, very different. And many of us think long and hard about starting up a business, especially when we have bigger plans, like owning our own home by the beach

That won’t stop our next-gen though!

Say one thing for the Millennials and Gen Zs of the country, and that is that they’re an entrepreneurial bunch who won’t let something like a once-in-century-pandemic get in the way of their business aspirations.

According to a ME Bank survey of young Australians with no children, 18% stated their current financial goal was “investing in their own business”.

That’s up from just 4% six months prior!

To put that into a bit of perspective – compared to some of the other 15 options they could choose from – the top response was “paying off a mortgage” at 34%, while 19% of respondents were aiming to “save enough to buy a property to live in”.

So, not far behind the top two responses at all!

If you need help funding your dream, know your finances

What a lot of young Australians don’t realise is that you don’t have to bootstrap your way into starting up a business.

There are finance and funding options we can help you explore to accelerate your launch – and they’re not as scary as they might sound (5-in-6 businesses don’t find it difficult to pay back their business loans).

So whether your financial priority in 2022 is starting your own business, or trying to buy your first home, get in touch with a solid mortgage broker to get serious about your finances. 

Workplace DMs, Reinvented: Deputy Messaging, Purpose-Built For Shift-Based Teams

Deputy, the global people platform for shift-based businesses, has launched Deputy Messaging, a fully integrated, real-time communication tool designe...

Revolutionizing Fulfillment: How Virtual Warehousing is Changing the Game?

The e-commerce landscape is evolving more rapidly than ever, and the way businesses are managing their fulfillment is also revolutionizing. At the...

SME lender Dynamoney welcomes new CEO, Brett Thomas

Strengthens growth ambitions and signals expanded offering Dynamoney, a leading commercial finance provider for Australian SMEs,  has today appoint...

The cost of ignoring AI governance in business

Artificial intelligence (AI) is no longer the promise of a distant future: it's active, embedded, and already shaping decisions across industries. H...

Quickli launches new SMSF product as free beta for limited time only

The leading technology provider for Australian mortgage brokers, Quickli, has answered the prayers of brokers yet again with the launch of a stand...

Portable Monitors for Coding and Programming Students

Today, coding and programming require more focus and efficiency. But, the most essential thing it demands is ample screen space. Students can stru...

Sell by LayBy