Young Aussies are taking the leap into artificial intelligence (AI), with one in four now using chatbot tools to help them at work, writes Suzanne Mitchell, Australia Market Lead for GoDaddy.

A new survey from GoDaddy found nearly half of all 18-26-year-olds have used AI tools, with a quarter using them at work and 40 per cent using at home.

AI has leapt into the mainstream this year with the launch of free tools like ChatGPT that can be used to perform tasks such as writing copy or code, explaining complex concepts or even helping to organise your schedule.

The survey of more than 1,000 young Aussies found that almost half remained wary of a future with AI, with women more likely to be worried about its potential impact than men.

AI and cost of living among concerns

The research comes as the Federal Government is consulting on the responsible use of AI in Australia and looking at tools, regulations and even new laws to guide its ethical and safe use.

GoDaddy’s survey also revealed Gen Z were increasingly concerned about financial security amid the growing cost of living.

Half of those surveyed said having a regular, secure income was one of the top two most important factors in their career compared to April last year when 31 per cent rated money as a top two priority.

At the same time as the cost of food, rent and petrol has been rising, young Aussies have turned to small businesses and side hustles to boost their financial futures.

One in four young Australians now have a small business or side hustle – a significant jump compared to one in eight surveyed in April last year.

And nearly half have plans to start a business or side hustle, with one in five planning to launch their business in the next 12 months.

In fact, more than 60 per cent of those surveyed said launching a side-hustle was a far more attractive way to earn extra money than more traditional Gen Z roles like hospitality or retail.

The results come as Australian Bureau of Statistics data from August revealed that the number of Aussies with more than one job jumped 10 per cent between March 2022 and March 2023, with young workers the most likely to hold down multiple gigs.

Although the research found they overwhelmingly preferred traditional employment to being their own boss (78 per cent vs 22 per cent), the research showed three-quarters of young Australians would still make a financial sacrifice to run a business they were passionate about.

On average, they would be prepared to sacrifice a quarter of their income to achieve their small business ambitions.

Gen Z going into business for themselves

Kalista Thomas and Emily Barker launched their own small business, Glamour & Co Beauty Studio in March 2022, seeking more freedom to travel for work to supply wedding services.

For the two friends, working towards financial freedom was an important factor in their small business journey and having more autonomy over their lives.

“We love being in control of our work life balance,’’ Emily says. “Any hard work we put in we get a return that’s worth it.”

Emily and Kalista had both friends and family to help guide them as they set up Glamour & Co.

“We took business inspiration not only from friends who had hair and beauty salons, but also our family members who had their own business ranging from accounting to tutoring,’’ Emily says.

Similarly, the GoDaddy survey revealed many Gen Z’s were inspired by those close to home when setting up their business.

For those already with a small business, the sources of their inspiration were split between parents (32%) and online influencers (32 per cent), with one in five nominating their friends.

Kalista says their business website was another critical part of their small business launch.

“On our website you can book our services, [there is] also plenty of content that shows what we provide and an insight of what it’s like to be a part of our beauty community,” she says.

The research also found that almost three in four Gen Z’s believed real-world experience beats classroom learning when it comes to their careers and entrepreneurial aspirations.

Young Aussies are clearly not afraid to take the leap and go into small business for themselves and just might be our most entrepreneurial generation yet.

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