As Canadians get ready for the back-to-school season, a new survey from GoDaddy highlights attitudes towards career trajectory and the future of work among Canadian Gen Zs, revealing that over half (53%) feel their generation is better equipped to start a business than previous generations, with 63% stating they believe technology makes it easier for them to get started. Among this tech-savvy demographic, 77% either have their own business, or plan to start one.
Additionally, Canadian Gen Zs are committed to long-term growth, 68% agree that building a business takes time, and it may take over a year to see success, over half (58%) are willing to fail and try again, and 50% are willing to take short-term financial losses for long-term success.
Myriam Provost, owner of Atelier Renouveau by Myriam and GoDaddy customer based in Varennes, Quebec, said technology made it possible to bring her dream of an upcycled furniture design business to life. She started painting and restoring furniture in November 2021 and in less than two years, has built her hobby into a thriving small business that applies her passions for design and sustainability.
Additional findings from the GoDaddy survey
● When thinking about future career options, young Canadians say a secure income and work/life balance is significantly more important than autonomy or job security: The top three factors to consider when evaluating future career choices were secure income (49%), work/life balance (38%) and passion (32%).
● In total, three-in-four (76%) were willing to take up to a 26% salary cut to do work they were passionate about.
● Canadians are more concerned than any other market about artificial intelligence (AI), even though they are using it at far higher rates: Almost 2 in 3 Canadians are already using AI tools, making their adoption significantly ahead of other English-speaking markets (63% versus 50%; other markets surveyed include Australia, United Kingdom and United States), but over half (56%) are worried about AI’s impact on their future.
● Mental health continues to be top of mind for young Canadians: In all regions surveyed (Canada, Australia, United Kingdom, and United States), while there has been some improvement in mental health in 2023, it appears to have only been experienced by men. Women are almost as likely to say their mental health has declined as improved.
● On barriers to entrepreneurship, lack of financial resources (61%) was reported as the biggest barrier to starting their own business: Lack of confidence or fear of failure was second highest, followed by lack of skills or expertise (37%), not enough time (26%) and lack of support (22%).
Canada’s youth are tomorrow’s innovators and entrepreneurs, and we’re inspired by their continued drive and optimism for entrepreneurship,” said Young Lee, Canada Market Lead at GoDaddy. “GoDaddy is committed to providing the tools and resources to help make entrepreneurship more accessible than ever, so Canadians can feel confident turning their business ideas into reality.