Millennials or those that are born in the 80s are said to be people who not know how to manage finances. If anything, the vast majority of them would not become successful entrepreneurs.
Whether this is true or not is debatable, but I am sure that if they ever go into business- as in creating their own startup- they would be more poised to hire outsourced accounting services in Malaysia more than their generation X counterparts.
Today, I am going to talk about a couple of reasons why that is most likely the case.
More Millennials in the Workforce
It is said that by the time we reach 2015, the Millennials will be taking over the workforce. Come 2020, they will make up, at least, 50% of the entire world’s employees.
As millennials are taking over the workforce, some of its members are already taking up managerial and ownership roles that will prime them to become businessmen in the foreseeable future.
Financial Advice to Help Their Financial Security
About 3 in 5 millennials state that it is actually quite important to save as early as possible, and most of them are expected to set their own financial goals. In fact, there was one 30-year-old man that already amassed a million dollars by manning a startup company.
The good thing is that these millennials are taught at a very young age to start saving, as this will help them if they want to pursue setting up their own business.
This information goes against the notion that millennials are bad at handling money because they already know how to save their income to meet their financial goals.
In fact, research shows that about 70% of millennials deem financial security as one of the biggest goals that their generation must aspire to have.
Financial advisers would teach them how to effectively save their money- which will most likely tell them to invest in something that will bring about more income than just working at a 9-5 job.
The Use of Modern Technology to Market Millennials
Another advantage of the millennials over their generation X counterparts is the fact that they are already born in a world where technology is omnipresent. This gives them a huge boost for whenever they are thinking of putting up their own business.
Because smartphones are prevalent in this day and age, millennials are thought to use business apps more than Baby Boomers. They also prefer more online services than their older peers as well.
That is why should millennials opt to create their own business, they know the value and the convenience of having outsourced accounting services.
Couple that with the knowledge that they have gained while growing up, plus the fact that accounting technology has come a long way that provides accuracy and convenience across the board, there is no doubt that millennials will trump the baby boomers in terms of putting up a business.