In the UK, a rising trend of entrepreneurship among the youth, notably Generation Z, is reshaping the business landscape. Lloyds Bank’s research highlights that 60% of Gen Z are inclined to leave traditional employment to pursue their own ventures, driven by a desire for autonomy, as 79% of adults surveyed aspire to be their own boss to escape traditional employment structures. This entrepreneurial spirit is particularly pronounced among Gen Z, who feel the current economic conditions are a push towards creating their own income streams, with 33% of them versus 21% of other generations considering this path.

The study reveals a robust confidence among potential entrepreneurs, with 68% of respondents believing in their ability to start a business, increasing to 73% among Gen Z. The motivations for this shift include financial independence, a quest for a better work-life balance, and a desire to pursue passions. Social media and influencers play a pivotal role in inspiring Gen Z, with 26% citing social media as a motivation for starting their own business.