Aspiring Young Entrepreneurs

Today's youth are keen to become tomorrow’s self-employed millionaires, according to new research.

Figures from a UCB Home Loans (Nationwide) survey of 1,000 young people show 57 per cent of 16 to 21-yr-olds would like to become self-employed when they are older and almost a third think they will become millionaires.

Currently just 13 per cent (3.7 million) of the working population (Office of National Statistics) are self-employed, suggesting many young people are unrealistic in their goals.

Young men were more likely than women to want to run their own business (64 per cent versus 50 per cent) and the media was cited as the most popular choice of business.

And if you live in the south-west or London you are more likely to want to be self-employed.

Keith Astill, UCB Home loans managing director, said: "Whilst the number of self-employed people is increasing slightly, it is likely that fewer than half of the 56 per cent of young people who express a wish to become self-employed will ever actually do so."

However, with regard to them becoming millionaires he added: "Gradual inflation and the increasing cost of housing are likely to increase total wealth past the £1 million figure for a large proportion of these people during their working lives."