Two-thirds of Gen Z in Malaysia want to start own business

KUALA LUMPUR: About two-thirds of the Generation Z in Malaysia want to start their own business after they have gained sufficient work experience and capital in the job market, according to a study by the Asian Institute of Finance (AIF).

The findings of the study issued on Tuesday showed that Generation Z is more business-minded than employment-oriented over the longer term. 

“More than six out of 10 (63%) plan to start their own business either on a full-time or part-time basis. They believe the risk of running a business is more challenging than the security of a full-time job. 

“Most of them (85%) will, however, pursue their business venture interests only after having acquired sufficient work experience and capital from full-time work. This speaks to their strong sense of self-reliance and adaptability,” it said. 

The study entitled “Tomorrow’s professionals: Generation Z in Malaysia” also showed that they are enthusiastic about overseas employment, with Singapore, Australia and the UK the top destinations.

The survey concentrated on individuals aged 16 to 21 years who are old enough to understand and address issues relating to their career plans and aspirations. This report is based on the key findings from a comprehensive online quantitative survey and a series of in-depth qualitative interviews. 

AIF CEO Dr Raymond Madden said this was the first study of its kind in Malaysia on Gen Z and how they will fit into a talent landscape that is rapidly evolving due to rapid developments in technology. 

“The report should provide senior management and HR with vital insights into Gen Z and enable them to be better equipped to engage with and integrate this generation into their organisations,” he said. 

Money