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

Almost three quarters (70%) of UK workers aged 25-34 are motivated to start a business and have the strongest desire for a “new challenge in their professional lives”, according to new research from Standard Life.

The study of 2010 UK adults found that while millennials are the most interested in becoming an entrepreneur, 57% of all UK workers have considered starting a business on the grounds of becoming their own boss.

The data also suggests that the key barriers which stop people from changing career path and starting a business are worries about being too old to alter direction (11%), valuing current stability (11%), not knowing where to start (10%), and a lack of confidence (10%).

According to Standard Life, when it comes to what motivates us in our jobs career progression is considerably more important to those aged under 34 (16%) compared to those over 34 (4%), and salary becomes less important as we get past age 55.

Stephen Ingledew, Standard Life managing director of marketing, commented:

“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.”