73% of young adults want to start businesses

A new study shows that 73% of young people aged 16 to 24 are eager to start their own business. This interest in entrepreneurship is significantly higher compared to only 45% of those aged 45 to 54. The research, commissioned by Travel Counsellors, identifies several reasons why young people want to become entrepreneurs. Many hope to earn more money, enjoy better work-life balance, have flexible hours, and gain more control over their careers. Among younger generations, 79% of Gen-Z and 78% of Millennials aged 25 to 34 expressed interest in self-employment. In contrast, only 41% of those 55 and older shared this desire. The survey also revealed that 70% of respondents believe flexible work helps develop essential skills for entrepreneurship. However, there are challenges. About 31% of those interested in starting a business fear failure. Close to half, or 48%, cite a lack of funds as a barrier, while 28% lack confidence in their abilities. Other factors include the absence of support networks and infrastructure. Matt Harding from Travel Counsellors stated that these findings show how young people view work differently. He emphasized the need for resources, mentorship, and confidence-building programs to help turn their entrepreneurial dreams into reality. The survey involved over 2,000 UK workers and was conducted in January.