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Almost half of millennials want to set up their own business

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Study reveals

Almost half of UK millennials want to start a business, a Legg Mason study has found.

According to Legg Mason’s 2017 Global Investment Survey, its fifth annual survey of investor attitudes and sentiment which assessed the views of 15,300 individuals around the world, UK millennials are increasingly setting the goal of starting their own business venture.

Nicknamed “millinnipreneurs”, the proliferation of internet and technological use among millennials in the UK means there are several flexible ways of going it alone, with 49 per cent wanting to start a business as a result.

In contrast, less than a fifth of baby boomers (18 per cent) see working for themselves as a work-life aspiration.

The survey also found that 41 per cent of the millennials aim to find a job which appeals to their interests, regardless of income. In comparison, only 18 per cent of baby boomers are comfortable with such an approach.

Justin Eede, Head of Europe and Americas Distribution at Legg Mason, said: “Millennials have a technological fluency affecting most aspects of their lives, including the way they approach starting a business using the internet as online tool belt of information.”

“The data suggests baby boomers prefer financial stability and job security as opposed to millennials who are willing to risk those factors in pursuit of entrepreneurship. These statistics reveal the extent to which the drive to create a start up is growing among the younger generation and it will be interesting to see how the industry reacts.”



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