More young Australians plan to invest in their own businesses, say ME Bank

Young women wearing apron, smiling in front of plant nursery after starting her own business.

As new year mantras either fade into the background or begin to flourish in late January, ME Bank has released research about young Australians’ financial goals.

In a December survey of 1,500 people, ME found one in five young Australians (with no children) want to invest in their own business

While this goal comes in at number three among the top ten – behind paying off a mortgage (29%) and saving for a home deposit (19%) – it’s seen the most significant growth in interest in the six months prior. 

Desire for personal business investment jumped from 4% in July 2021 to 18% in December last year, which is a huge uptick compared to other areas which only moved a few percentage points. 

ME’s General Manager, John Powell says many people have had to pivot in their workplaces and career aspirations while reassessing their financial goals during the pandemic.

“We’ve seen a global trend emerge where people are ditching their desk jobs to start their own businesses,” he says. 

“Investing in a business comes with a fair amount of risk and reward, and it’s also a huge investment of time and energy, which may explain why young people without children are prioritising this goal over others.” 

Also interesting is the shift away from a more general savings focus. The intention of young Aussies to build an emergency savings fund dropped by almost two thirds in the second half of 2021, while saving for a holiday or other expenses excluding property fell from 34% to just 15%.

How to start you own business

This is a pretty massive question. Naturally, the answers will vary depending on the industry you’re looking to get into, the type and size of business you’re envisioning, and what funding and support you’re able to secure. 

Like all important financial goals, research is the very first stepping stone you need to conquer. Mozo provides useful info on business loans and business banking, including the latest news and business start-up guides for plucky young entrepreneurs. So, right here is a great place to start figuring out the books.

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