A 9am-to-5pm job was once considered the most stable and dependable job a person could get. But with younger generations entering the workforce, it seems the reliable 9am-to-5pm is less attractive than it once was.
A new survey commissioned by Santander UK found that the majority of adults born from 1996 onwards – part of Generation Z – do not plan to work a 9am-to-5pm job for the rest of their lives.
Instead, this group of working adults have ambitions to be their own boss someday, compared to just over half (57%) of Millennials, 36% of Generation X, and 25% of Boomers.
Of the young adults polled, more than a third (39%) believe they could launch and run a business from their smartphone. Nearly half (45%) believe they can make a decent amount of money to live on from social media.
Reflecting on their younger years, 34% of Gen X and Boomers say there were fewer opportunities to start a business back then compared to now. 44% also believe they were under more pressure to follow a traditional education and career path when they were younger.
The research comes as Santander UK announced the 100 shortlisted businesses that have a chance to secure up to £25,000 in equity-free funding in this year’s Santander X UK Awards.
Former Dragon’s Den star and founder of Gener8, Sam Jones, is a judge in the competition. He said: “Gen Z is proving to be the most entrepreneurial generation yet, and it’s no coincidence.
“Unlike previous generations, they’ve grown up fully immersed in the digital age, where information, tools, and global connections are just a click away.
“This constant exposure has fostered a mindset that values innovation and agility. With a deep understanding of digital landscapes, they’re not just prepared to start their own ventures – they’re uniquely positioned to outpace previous generations in turning ideas into reality.”
The survey also revealed that Gen Z adults are the most willing (53%) to take significant financial risk to launch their business, compared to less than half (46%) of Millennials, only 23% of Gen X, and 20% of Boomers.
The up-and-coming generation also has the most confidence (77%) in their ability to be successful in their ventures.
Of all the ages polled, Gen Z and Millennials were seen as having the most entrepreneurial spirit. Overall, half of respondents believe this is the case because these generations grew up with the internet and are better placed to capitalise on new opportunities.
Meanwhile, 46% say the younger generations’ high proficiency with technology fuels their entrepreneurial spirit. A further 42% feel this exposure from a young age helps inspire more creativity and innovation.
Social media, more advanced technology and digital tools were all seen as ways to make launching a business easier by respondents. However, the study, conducted by OnePoll, also found that while the average entrepreneurial adult has thought about becoming their own boss since the age of 27, 22% only started to seriously consider it after the age of 35.
Mike Regnier, CEO, Santander UK, who will also be judging the Santander X UK Awards added: “It’s clear that digital-savvy Gen Z have a fantastic entrepreneurial spirit.
“But the qualities you need to succeed on your own aren’t bound by age – entrepreneurship is driven by passion, curiosity, and the desire to create something meaningful.
“Some develop these attributes early on, often sparked by a need to solve a problem. While others may discover a business drive later in life, perhaps after spotting a gap in the market.
“Entrepreneurship is vital for the growth of the UK economy. Start-ups and early-stage businesses help to create jobs, boost productivity, and encourage innovation. We are proud to support those that are just starting out through the X Awards, giving entrepreneurs of all ages the opportunity to win funding and support to take their business to the next level.”
Reporting by SWNS
