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TORONTO — NOVEMBER 10 2018 FreshBooks, the #1 invoicing and accounting software in the cloud designed exclusively for self-employed professionals and their teams, today released results from its new study on millennial entrepreneurs.
Millennials, defined as the generation born between 1981 and 1996, are now the largest generational cohort in the American labor force, with 56 million Millennials either working or looking for work.
The FreshBooks study finds that 1 in 5 millennials employed full-time plan to leave their job and work for themselves full-time in the next two years. Findings indicate that among current self-employed professionals, millennials are the generation most likely to employ others, with 40% employing at least one staff member.
“The millennial generation is now the largest segment of the workforce, and they behave differently than their parents and siblings. Their tendency towards self employment is a big part of that,” said Mike McDerment, co-founder and CEO, FreshBooks. “Given their size, and the long term influence they will have over the economy, we would all do well to understand them better.”
Findings From The Study Include:
Millennials Are Rejecting Traditional Careers and Creating Opportunities for Themselves and Others
- 1 in 5 millennials who currently work full-time say they plan to quit their job and work for themselves by 2020.
- 40% of millennials who currently work for themselves have at least one employee, and 1 in 3 millennials employ up to five people.
- 10% of millennials have only ever worked for themselves.
- 56% of millennials earn $50,000 a year or less, but 61% say good quality of life takes priority over making money.
Millennials Believe The Government Stifles Business Growth, and Show Willingness to Switch Parties
- 42% of millennial freelancers want to grow their revenue and workforce, but over ⅓ say the federal government makes it challenging to reach these goals.
- Only 4% of millennial freelancers say their needs are well represented by the federal government — a 17% decrease from 2017.
- Nearly ⅓ of millennials would switch political affiliation for a party that supports small business. Millennials are significantly more open to change than older generations.
- While they claim to be as politically engaged as older freelancers, millennials are less likely to vote — just over half always vote in state elections, compared to 72% of freelancers over the age of 35.
FreshBooks conducted this study in collaboration with Research Now. More than 2,700 people who work full time – either as traditional employees, independent professionals, or small business owners – were surveyed online in November of 2017. Samples have been weighted (as required) to reflect various characteristics of their target populations (e.g., age, gender and industry) leveraging data from the U.S. Census, U.S. Small Business Administration, the NAICS Association and other sources. The study’s margin of error is +/- 2.3% at 95% confidence.
FreshBooks is the #1 invoicing and accounting software in the cloud designed exclusively for self-employed professionals and their teams. The company has helped more than 10 million people worldwide process billions of dollars with its ridiculously easy-to-use invoicing, time tracking, online payments and expense management features. Recognized with eight Stevie awards for best customer service in the world, the company’s mantra is to “execute extraordinary experiences everyday.” Based in Toronto, Canada, FreshBooks serves paying customers in 160 countries. www.FreshBooks.com
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