Financial insecurities putting UK workers off becoming their own bosses

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61% of employees across the UK aspire to work for themselves while 30% of aspiring entrepreneurs feel it’s too risky, says Vorwerk study.

London (68%) and the North East (66%) are where “entrepreneurial spirit” is at its highest, yet 56% of UK workers are being turned off pursuing their ambitions of becoming their own bosses due to lack of financial security, according to a Vorwerk study.

This is linked to the everyday stresses of mortgage payments and other bills, which are in turn preventing half of the population to take the risk and follow their dreams. 10% says their current roles are impacting their health.

Even with 61% of UK workers wanting to run their own businesses, 36% lack the confidence to start one, 30% feel it’s too risky and 32% don’t like the fact they would not know how frequent the work would be.

The top five barriers for UK workers not starting up their own businesses are:

  1. Lack of financial security (56%)
  2. Lack of confidence (36%)
  3. Uncertainty of work coming in (32%)
  4. Too risky (30%)
  5. Don’t know what to do (23%)

Thomas Henningsson from Vorwerk said: “It’s totally understandable that people are worried about the regularity of work and cash flow when it comes to going alone – but there are lots of inspirational people around who have done it and are now reaping the rewards.”

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