The rise of Hobbypreneurs
A new report launched today by Britain Thinks and Investec Click & Invest, the new online investment management service, reveals unprecedented numbers of people are making huge changes to their lives because they have greater confidence in their own abilities, despite economic uncertainty, changing work patterns and less job and financial security.
This has fostered a stronger ‘can do’ attitude in society, and the report describes this trend of more people making radical changes to take control of their lives as ‘Resetting’ and says there is no age limit to this. Over one third of the British population have already ‘Reset’, and a further 32 per cent of the population are planning to make major adjustments in the next five years, such as changing to a more rewarding career, setting up a new business or even turning a hobby into a profit-making venture.
However, a post General Election snap poll conducted as part of the analysis shows that this trend has become even more pronounced in light of increased uncertainty. 85 per cent of the population now say they would like to have even greater control over their future, and over half (56 per cent) are now likely to make a major change in the next five years.
Almost one third (30 per cent) of existing ‘Resetters’ have set up their own business and a further 22 per cent have made a hobby pay – a new group of entrepreneurs the report calls ‘Hobbypreneurs’. A further 30 per cent have changed careers to do something more rewarding. They are also much more focused on financial planning and investments than the population as whole.
The report was commissioned by Investec Click & Invest, the new online investment management service for individuals with £10,000 or more to invest. Click & Invest combines the experience of a team of Investment Managers and over 180 years of wealth management experience with the convenience and ease of an online service, opening the door for individuals who wouldn’t usually be able to access traditional wealth management services.
Click & Invest has an in-house Research team and a dedicated team of Investment Managers who create and actively manage investment portfolios on behalf of clients. These teams constantly analyse the markets to make investment decisions, and select the best funds from whole of the investment market with the aim of outperforming the market to deliver returns for clients.
Commenting on the report, Viki Cooke, Founding Partner of Britain Thinks, said: “Our research identifies that across the population there is a move towards empowerment as people recognise that in a world of increasing uncertainty, they need to take control of their lives and ‘Reset’. This has implications for work and careers, lifestyle and financial planning. We see this as a societal trend which is set to continue.”