Members of Gen Z are more likely than other generations to make side hustles a full-time gig, according to new research.
Lloyds Bank has found that 60 per cent of those surveyed are considering quitting their jobs to start up on their own.
A survey of 1,500 adults finds that 80 per cent say they aspire to being their own boss so they don’t have to work for anyone else ever again while around 29 per cent say they feel unfulfilled in their current job role.
Compared to older generations, Gen Zs – those born after 1996 – are 57 per ent more likely to say that the current economic and job market conditions are pushing them to think about creating their own source of income (33 per cent vs 21 per cent on average).
The research also reveals that 68 per cent respondents express confidence in their ability to start a business, with this figure rising to 73 per cent of Gen Zs.
Lloyds Bank said the top reasons for Gen Z entrepreneurs to go it alone include seeking greater financial independence (45 per cent), finding better work life balance (37 per cent) and to make the most out of their passions and hobbies (35 per cent).
The study finds that the beginning of the year appears to be the prime time for ambitious individuals across all generations to transform their hobbies into businesses, with more than a quarter (27 per cent) consider starting a business at the start of the year.
More than a quarter (26 per cent) of Gen Zs say that ideas they see on social media is a reason for becoming their own boss, and they’re nearly three times as likely to turn to influencers online for advice when setting up a business (27 per cent vs 10 per cent on average).
‘A new generation are following their dreams’
Elyn Corfield, CEO at Lloyds Bank – Business & Commercial Banking, said: “The UK is recognised as a hub for entrepreneurship and game-changing businesses.
“Our research shows that a new generation are following their dreams to turn their passion into a livelihood. Innovators are forging their own path which is really inspirational to see.
“Freeing your inner entrepreneur can be exciting and scary but we’re here to support businesses start up and scale up, as many take the leap this year.”
The study also finds how young entrepreneurs are the first to admit they worry about the challenges that setting up their own business brings.
Respondents say that high costs of launching a start-up (33 per cent) is a major hurdle, with this figure rising to over half (52 per cent) for Gen Zs and 40 per cent for Millennials.
Gen Zs are also 85 per cent more likely to say that they’re unsure of the kind of support they need and where to find it (37 per cent vs 20 per cent on average for other generations).
Dragons Den and The Apprentice
Professor Sir Cary Cooper, professor of organisational psychology at Alliance Manchester Business School, added: “These are exciting results which bode well for the UK. It is encouraging to see young entrepreneurs wanting to start businesses so early in their careers.
“In the past we tended to see more mid-career employees, fed up with corporate life, look for an escape and attempt to gain control over their life.
“Now, we’re seeing how Gen Z entrepreneurs not only wanting financial independence, but also striving for better work-life balance and having a sense of purpose by doing something they’re passionate about.”
The respondents to the survey also reported a variety of catalysts to encourage them to take the leap.
This includes having a vivid dream that their business would be a success, with Gen Zs being 73 per cent more likely to say this than older generations on average (19 per cent vs 11 per cent) and watching Dragons Den or The Apprentice.