70% of 25 to 34-year-olds want to set up a business

13th January 2016 | News

Almost three-quarters (70 per cent) of UK professionals aged 25 to 34 are driven by the idea of starting up their own business with the biggest desire for a “new challenge in their professional lives”, according to a recent report from Standard Life.

The study of 2,010 British adults found that while millennials are the demographic most motivated in entrepreneurship, more than half (57 per cent) of all UK workers have considered starting a business on the grounds of becoming their own boss.

Some of the biggest barriers which thwart professionals from changing career path and setting up in business are fears about being too old to change direction (11 per cent), valuing their current career stability too much (11 per cent), not knowing where to begin (10 per cent) and a lack of confidence (10 per cent).

In terms of motivation in employment, career progression would appear to be significantly more important to those aged under 34 (16 per cent) than those over 34 (four per cent); while annual salaries become less important beyond the age of 55.

Stephen Ingledew, managing director of marketing, Standard Life, said: “It’s really encouraging to see so many young people embodying these entrepreneurial aspirations as they strive for workplace happiness, as well as looking clearly to the future to ensure their career provides the best possible financial security.”

It’s not until the ages of 25 to 30 that UK professionals feel most likely to be able to save money meaningfully, according to the report. However, on average, it’s not until we reach the ages of 41 to 45 that we begin to feel financially secure.

“Our financial priorities will shift as we move between the stages of our career so a new job, promotion or career change is always a good time to review financial plans and priorities to make sure things are on track,” added Ingledew.