Young Aussie sole traders outpacing older generations in confidence, earnings and tech smarts

Young Australians running their own businesses are proving they’ve got the edge, outperforming older generations when it comes to confidence, adaptability and optimism about the future, according to new research.

The latest Hnry Sole Trader Pulse, a quarterly, independent survey of the nation’s 1.6 million sole traders,  reveals a widening generational gap in how business owners see the economy, adopt technology, and plan for growth.

Gen Z and millennials lead on confidence

The numbers tell the story: 59 per cent of sole traders aged 17–34 rate their business’s financial outlook as good, compared to just 45 per cent of 35–54-year-olds and 32 per cent of those over 55.

Younger business owners are also more upbeat about the economy, with more than twice as many rating it positively compared to over-55s (36 per cent vs 15 per cent). And when it comes to politics, twice as many young sole traders have confidence in the government’s performance this term.

Hnry Australia Managing Director Karan Anand says younger sole traders are “confident, tech-savvy and optimistic” and it’s showing in their results.

“For businesses under two years old, 74per cent are using tech to adapt to economic conditions, 58 per cent have invested in extra training, and the same percentage have ramped up their marketing to deal with inflation,” he says.

Tech over tradition

The Pulse found younger sole traders are shunning traditional accountants in favour of digital tools. While 58 per cent of all sole traders still use an accountant, that drops to 45 per cent among 35–54s and just 38 per cent for those aged 17–34.

Anand says the shift is helping younger operators streamline cash flow and free up more time to focus on delivering results: They don’t get paid to show up; they get paid to deliver – every hour must count.

On the ground: magic, sailing and taking risks

Some young sole traders are making waves, literally. Olympic sailor Jim Colley, 27, says youthful optimism and fewer life commitments make it easier to take calculated risks. “Nothing can replace experience, but a willingness to go all in does give you an edge.”

Magician Michael Webb (aka Magic Mike), who rose to fame on Australia’s Got Talent in 2022, says social media is a key driver of his growth. “Younger business owners realise organic content is the most effective way to reach new clients.”

A call for recognition

Hnry has submitted the Pulse findings to the government’s upcoming Economic Reform Roundtable, calling for better recognition of sole traders as core contributors to the economy.

“Increasingly, younger people are turning away from the traditional model of work to be self-employed,” Anand says. “These results clearly illustrate the value they deliver — and why the government should be paying close attention.”

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