1 in 5 young Aussies set goal to invest in their own business in 2022

A recent study from ME Bank has found a substantial shift in the financial goals young Aussies are setting for 2022.

About 1 in 5 young Australians – with no children – have set the goal of investing in their own business, according to the new study.

The data suggests the global phenomenon, the Great Resignation, could be starting to hit Aussie shores as young adults redirect their financial goals towards starting their own businesses.

The survey of 1,500 Australians revealed the huge shift has occurred over the past 6 months, where ‘investing in your own business’ has shot from one of the least considered financial goals (4% actively working towards goal), to one of the top 3 financial goals (18% actively working towards goal) for young Australians with no children.

ME’s General Manager, John Powell said: “We have all been impacted, or know someone who has been impacted, by the COVID-19 pandemic, which often includes their finances and priorities. People have had to pivot and reassess their financial goals in ways they never have before.

“We’ve seen a global trend emerge where people are ditching their desk jobs to start their own businesses. It’s interesting to see young Australians having the intention to follow suit.”

This lifestyle segment has historically favoured traditional goals such as building up rainy day savings, saving for expenses other than a home, paying off debts and setting up a budget, but has flipped priorities on their head this year (see Table 1. below).

Table 1.

ME’s study also revealed the top three goals for each lifestyle segment, which highlighted key differences in priorities (see Table 2. in appendix).

ME’s General Manager, John Powell said “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.

“When setting your sights on any goal, it’s important to do your research to find the right products and services to help get you there. ME has a fantastic Online Savings Account with a very competitive interest rate which is the first step in helping young Australians towards their goal of investing in a business,” Mr Powell.

Lastly, looking more broadly at the top financial goals of Australians, ME’s study found ‘paying off a mortgage’ trumped them all.

The top 10 financial goals for 2022 can be found in Table 3 below.

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Editor notes:

¹ This is general information only and you should consider if this product is right for you.

ME’s study is based on national survey of 1,500 Australian adults. The survey was conducted from November 2021 to December 2021 with fieldwork by DBM consultants.

Appendix

Table 2.

Table 3.