Millennials and Gen Z Open 63.3 Percent of New Commonwealth Bank Business Accounts

Millennials and Gen Z are dominating the small business landscape in Australia, accounting for 63.3 percent of new business accounts opened at Commonwealth Bank (CBA) in 2023. New business accounts at CBA grew by 10.4 percent from 2022, with millennials (born 1981-1996) opening 48.5 percent and Gen Z (born 1997-2012) opening another 14.8 percent. Women accounted for 43.2 percent of all opened accounts. Around 51 percent said they started a new business for additional income, while 23 percent are exploring new opportunities to gain more control and career independence. Small Business Banking Manager Rebecca Warren said it’s all about younger Australians’ wanting to create something that is “theirs.” “Many young people have decided they don’t want to work for anyone else and are looking for greater autonomy to pursue their career dreams and are keen to excel quickly. Starting their own business allows them to take control of their financial future and build a career on their own terms,” she Warren said....