New research shows that nearly six million UK people plan to set up their own business by 2022.
This is an average of 1.2 million per year.
The findings comes from to a new social study by Britain Thinks and Investec Click & Invest.
It discovered that 9% of people plan to set up on their own by 2022, reflecting a major shift in approach to careers which could help boost the UK economy.
According to government statistics, 322,554 new companies were formed in the first half of 2017, a 7% increase on the last six months of 2016. This figure excludes many popular types of start-ups such as sole traders or partnerships, which will have boosted the total figure by many thousands.
Nearly 18% say they are happy to make fundamental changes to their career so they can do something they are passionate about while another 17% want to be able to earn money from their hobby.
Some 17% plan to set up businesses in the retail sector, whilst a further 10% are aiming to focus on entertainment and leisure.
What’s more, younger people are the keenest to start businesses, with over double the average of 25 to 35-year olds hoping to set up their own. And London is set to see the most new businesses with 16% of people in the capital keen to go it alone.
CEO of Investec Click & Investec Jane Warren said: “We undertook this study so that we could fully understand our clients’ priorities over the next three to five years and ensure we can deliver a service which aims to meet their needs. Making major changes such as starting a business or changing careers is not the barrier it once used to be and people are approaching their futures in a positive and strategic way, including careful and considered financial planning and decision-making.”
Head of Collectives at Investec Wealth and Investment Andrew Summers said: “Small businesses have long been the engine room of the UK economy, so the fact that more people are taking control and setting up their own enterprises is likely to have a positive impact across all sectors.”
