December 14 ,2017 | by Erin O’Neill

Typical millennial wants to set up their own business

Research from investment management company Legg Mason has found that nearly half of millennials in the UK want to set up their own business.

The company’s fifth annual Global Investment Survey explored the views of 15,300 people and found that more millennials in the UK are setting the goal of starting up their own company.

Flexible

With the internet and technology now providing “millinnipreneurs” with flexible ways of setting up their own business, the study found that 49 per cent of respondents are aiming to achieve this goal.

Millennials were found to be more interested in starting their own business compared to older individuals, with just 19 per cent of baby boomers aspiring to work for themselves.

The study also looked at what individuals value the most when it comes to their job and found that millennials want a job that appeals to their interests, regardless of how much it pays, with this goal being cited by 41 per cent of respondents. In comparison, just 18 per cent of baby boomers said that they value a job that appeals to their interests over pay.

Stability

Commenting on the survey, Legg Mason Head of Europe and Americas Distribution Justin Eede said: “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.”

Erin O’Neill

Erin O’Neill is an LSBF News Writer who reports on small business, careers, technology and education news.

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