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

By Olivia Gee · · 2 min read
Fact Checked
Advertiser disclosure
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.

After a business loan to kick-start your journey as your own boss? Compare some of the options below.

Compare business loans - rates updated daily

Search promoted business loans below or do a full Mozo database search. Advertiser disclosure.

Refine the list of business loans

Let’s help find you a great business loan...
  • placeholder
    About Zip Business Capital
    Line of Credit

    Unsecured business funding up to $500K. Start the online application process in just 5 minutes, and get access to funds within 24 hours once approved. Great for ABN registered businesses with an annual turnover of $200K+.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    2% to 3%
    Instantly, once approved
    Go to site
    Details
  • placeholder
    About OnDeck
    Short Term Business Loan

    Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    3.00%
    from 24 Hours
    Go to site
    Details
  • placeholder
    About Timelio
    Invoice Finance

    Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    $0.00
    Same Day
    Go to site
    Details
  • placeholder
    About Lumi
    Unsecured Business Loan

    A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi. No repayments on Lumi Business Loans for the first 6 weeks (T&Cs apply).

    Interest Rate
    Upfront Fee
    Funding speed
    from 9%
    $0.00
    Within same day
    Go to site
    Details
  • placeholder
    About UnLock
    Buy Now Pay Later for Business

    With Unlock you don't need the money to hand to buy something your business needs - they pay for it so you can get on with the job, then you pay them back later. With UnLock Mastercard®, you can buy supplies or pay expenses now, and pay later. No merchant fees, a quick tap, and approvals in a matter of seconds.

    Interest Rate
    Upfront Fee
    Funding speed
    0%
    0.0
    12 hours
    Go to site
    Details
  • placeholder
    About Thornmoney
    Asset Finance

    Buy new or used equipment including vehicles for your business with thornmoney’s asset finance. Get a loan from $10,000 to $1,000,000. Adjust what you pay with flexible terms of up to 60 months. Limited time Mozo Referral Offer.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    $165.00* (Special Offer)
    Varies
    Go to site
    Details
image of houses

Want the help of a business lending expert?

We understand that you might have questions that need personal answers. We’ve teamed up with Valiant Finance to get you the answers you need and a business loan deal you deserve.

Learn more

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.