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Millennials feel they 'lack control' of their working life

Posted on from Changeboard

With salaries being squeezed and a lack of flexibility in starting roles, it's no wonder that millennials are thinking about starting their own businesses. What are their main concerns in being their own boss?

New research has revealed that 18-34 year olds ‘lack control’ at work, and want greater flexibility in their professional lives.

Nearly half of millennials (48%) feel they don’t have control, according to research carried out by St. James’s Place Academy. Some 82% of 18-34 year olds are hopeful of running their own business, 10% higher than in older generations.

The reduction on starting wages seems to be having an effect, as 17% of respondents feel an increase of earnings would be one of the best benefits of running their own business. The perks of flexible working was also important, as 16% want to set their own hours, while 14% want the chance to work from wherever they like. 

Adrian Batchelor, director of St. James’s Place Academy said: “Our research reveals a clear appetite among millennial to start their own business, partly due to the frustrations felt within the workplace. As young workers have been hardest hit by the wage squeeze since the financial crisis, it’s no surprise they yearn for greater autonomy and reward for their hard work.” 

Despite their desire for more autonomy, respondents were realistic about the potential pitfalls of running their own business. Some 32% said attracting customers to fledgling business would be their hardest challenge, with 28% saying the toughest facet of running a business would be managing their finances.

Less than one in ten (7%) millennials would likely change their mind about running a business if they had an inspirational role model at work, while 47% said financial certainty was the most important factor.

A quarter of respondents said a loss of income would deter them from striking out on their own, with 21% afraid of failing. 

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