Gen Z’s (born during the late 1990s and early 2010s) interest in startups and entrepreneurship has surged in recent years, fueled by a combination of cultural, technological, and societal shifts. It has captured their imagination with a desire for independence coupled with the ease of launching a business, access to low-cost technology and digital tools, and evolving investment and network effect.
Starting up, hence, is among the highest aspirations for today’s Gen Z, according to the fintech company BankBazaar’s latest Aspiration Index, launched last month.
The survey, comprising 1,529 respondents from six metros and over 18 Tier II cities, revealed that 85.5 per cent want to start their own business and become an entrepreneur.
For 36 per cent of Gen Z, wanting to become an entrepreneur is also among their most important goal. This percentage more or less remains the same across genders. Comparatively, only 29 per cent of millennials aspire to entrepreneurship.
Between metros and non-metros, basic necessities such as housing and nutrition continue to be the most important aspirations for the metros, apart from mental health and children’s education. The non-metros, on the other hand, aspire for entrepreneurship, the survey noted.
Moreover, region-wise, East has the strongest focus on early retirement, which ranks as their third top goal while for North and South, entrepreneurship stands as the first and second top goal, respectively.
While entrepreneurship is picking up pace among Gen Z, their larger aspirations and goals remain to be mentally healthy and happy, travelling and buying a house. Saving money for their children’s education has been another top aspiration and goal.
