Six in 10 of Gen Z plan to be their own boss by the age of 30 with thousands already trying their hand at a side hustle

SIX in 10 young adults plan to be their own boss by the age of 30 – with thousands already taking steps towards starting their own business.

A poll of 2,000 adults found of those in the Gen Z age group born after 1996, 63 per cent have already tried their hand at a side hustle or small business venture.

Many have already put plans in place, with 22 per cent looking to become their own boss within the next 12 months, and 13 per cent considering making a move in one or two years’ time.

Jobs in food and drink (22 per cent), entertainment (19 per cent) and fashion (18 per cent) are the most appealing sectors for Gen Z adults.

The research was commissioned to mark the launch of thecompetition, with top prizes of £25,000 for two aspiring entrepreneurs, business insurance for a year, and dedicated mentoring on offer.

Deepak Soni, the insurer’s UK director of small business insurance, said : "Being your own boss can give you freedom, but it also requires a huge amount of hard work, passion and dedication.

“It’s fantastic to see there’s a new wave of would-be entrepreneurs who are relying on enthusiasm to compensate for their lack of entrepreneurial experience.

“We’re keen to support them on their journey because we know that running your own business can feel like an uphill struggle at times.”

The research also examined the attitudes towards entrepreneurship of older generations too, with millennials (aged 28-43) also keen to be their own boss.

More than a third (37 per cent) said they would like to start their own business or side hustle at some point.

Of those in Gen X (44-59), 26 per cent are keen to go it alone in business while only eight per cent of boomers (60-69) want to take the plunge.

The motivating factors behind wanting to start a business or side hustle varied greatly depending on age.

The older generations of Gen X and boomers value being their own boss (45 and 44 per cent respectively) as the most important factor, while the younger demographic of Gen Z favoured personal growth (35 per cent) and following a passion (38 per cent).

In an ever-changing job market, 31 per cent of Gen Z believe being their own boss would give them security – far more so than older generations (just 10 per cent for Gen X and nine per cent for boomers).