Business Daily Media

The Times Real Estate

.

Millennials mean business


CBA records surge in Millennials opening Business Transaction Accounts; launches first no interest payment card ‘CommBank Neo Business’ to support small business owners.

New research from Commonwealth Bank of Australia has found the number of millennial small business owners is on the rise, with many young Australians turning their business ideas into a reality.

The number of new CBA Business Transaction Accounts surged 36 per cent over the past six months, with Millennials (born between 1981 - 1996) driving the majority of the growth.

Millennials accounted for 57 per cent of all new business accounts in the last 6 months – up from 43 per cent in 2015. Gen Z (those born from 1997) opened a further 10 per cent of new accounts.

Today, the average age of those opening a CBA Business Transaction Account is 38 years, in comparison with 44 years in 2015.

The research also indicates the proportion of millennials running a “side hustle” has increased by 40 per cent over the past year.

Claire Roberts, Executive Group Manager of Small Business Banking said economic uncertainty had motivated many Australians – particularly millennials – to come up with business ideas and ultimately kick-start a side hustle. 

“While it’s been a challenging year for many small businesses, the pandemic did present entrepreneurs with the time and opportunity to start a small business as a passion project or as an alternate source of income and we’ve seen many of our new business customers skewing younger,” Ms Roberts said.

To support business customers in their entrepreneurial endeavours, Commonwealth Bank has launched a no interest payment card for businesses.

CommBank Neo Business provides small business customers with up to $3,000 of credit, with no interest payments, no late payments and no foreign currency fees, for a fixed monthly fee. Customers will be refunded their monthly fee if they have no purchases in a month and the card balance is zero.

“A dedicated business credit card with no-interest, no late fees and no foreign currency fees, ticks the boxes for small businesses who want more flexibility with short term cash flow to make purchases for their operations,” Ms Roberts said.

“Further, the fixed monthly fee provides small business owners with some level of financial certainty, which will help with their budgeting. The CommBank Neo Business card also makes managing the books easy with the ability to automatically share spend data with accounting software.”

CommBank Neo Business customers will also be able to access cashback offers from 100+ Australian retailers through CommBank Rewards*.

Originally launched to retail customers in September 2020, CommBank Neo has seen strong uptake amongst younger customers who are looking for greater flexibility and certainty with credit products.

Thirty-year-old Melburnian Chris Sutherland who works full time in tax accounting said the pandemic was the catalyst to launch his side hustle business Ascendance Coffee – single serve coffee satchels boosted with herbal extracts.

“When lockdown happened, I was saving time on commuting and couldn’t do some of my regular social and sporting activities, so my business partners and I had more time to focus on making our business idea a reality,” Chris said.

 “I love my regular job and my employer is supportive of me running my own business. The skills I learn from doing both are very complimentary.”

When you own a business, expenses can add up quickly. That is why many business owners opt to use a business credit card. They can help you manage the various business expenses you may encounter like the cost of operation, vendors, supplies, etc. However, being a business owner is a full-time job. Is it a crime to use a business credit card for personal use? To know more check Daily Prosper.

For more information or to apply for a CommBank Neo Business card visit https://www.commbank.com.au/business/business-credit-cards/business-commbank-neo.html

*CommBank Rewards is available to eligible CBA credit and debit Mastercard customers to offer cashback on everyday shopping. It is available to customers that are18 years old, not in hardship, and are not in default with any CommBank accounts. Customers can access CommBank Rewards through the latest version of the CommBank app.  Terms and conditions including minimum spend requirements apply to CommBank Rewards and can be viewed within the CommBank app.

Cutting edge AI technology designed for doctors to reduce patient wait times launched in NZ

New Zealand specialist doctors now have access to Artificial Intelligence technology to help reduce patient wait times and experts say it could be...

Launchd Takes Off: Former AFL Stars Lead Tech-Powered Platform Set to Disrupt Talent and Influencer Marketing

Backed by Institutional Capital, Launchd Combines Five Leading Agencies and Smart Technology to Deliver Measurable Results Influencer marketing i...

Meet the Australian fintech unlocking rewards for small businesses

Small businesses make up 98 per cent of all businesses in Australia, yet they continue to bear the brunt of economic uncertainty. According to Credi...

Teleperformance (TP) Business Insights Report Reveals Key Shifts in Consumer Behaviour

TP’s Business Insights report  into consumer behaviors and preferences, taking in more than 57,000 respondents across 19 sectors, is shedding new li...

HubSpot launches platform-wide AI tools to help businesses close the adoption gap

HubSpot today unveiled more than 200 updates across its customer platform to help businesses grow better. The release introduces smarter tools, new AI...

Why Every Leader Needs a Personal Branding Strategy in 2025

One of the best investments you can make in 2025? Your Personal Brand.In today’s competitive and digitally driven business world, authenticity and...

Sell by LayBy