Many young people plan to become self-employed

(2 minutes to read)

Young women are just as determined as young men to set up their own businesses one day – 42% vs 44%, suggesting that any perceived constraints of gender are not acting as a deterrent.

New research looking into young people’s attitudes towards their future careers has found that 43% of 16–24-year-olds have the ambition to set up their own business during their working life.

The survey of 1,001 16-24-year-olds, compiled by AAT and Survation, revealed that those from a more disadvantaged background were the most ambitious. For example, almost half (49%) of young people from a lower socioeconomic background want to start their own business compared to 46% from a middle socioeconomic background and 44% with a higher socioeconomic background.

When asked about what the most important factors are in setting up their own business, having enough money to get started is seen as the top priority (44%).

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When it comes to the skills required for starting a business, 40% of the young people surveyed identified financial management as the most important skill followed by communication/negotiation (36%) and leadership (29%).

AAT’s Director of Strategy and Professional Standards Adam Harper, commented, “It’s great to see that young people have the ambition to start their own business irrespective of their background. Despite the prevailing barriers to social mobility, the next generation of workers have an entrepreneurial spirit that supersedes these.

“With the rise of the gig economy, flexible working environments, SME numbers and digital opportunities, young people are increasingly living in a world where they may view their only limitation as the scale of their own ambition.”

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