54% of employees worldwide share the goal of entrepreneurialism, highlighting a common ambition across the globe. This thirst for entrepreneurialism is sweeping across the UK workforce too, particularly among young employees, driven by a sense of feeling replaceable and interchangeable by employers.
nudge’s annual Global Financial Wellbeing Report, which surveyed over 11,500 people worldwide, has found that in the UK, a majority (62%) of men aged 25-34 have a financial goal to start their own business, compared to 42% of women in the same age group.
The rise in employees aiming to start their own businesses may be due to many feeling undervalued by their employers. In this age group, 68% of men and 69% of women believe their employers see them as easily replaceable and interchangeable. As a result, 44% of these men and 51% of these women say they show up to work solely for the paycheck.
In the US, the data is even higher. The majority of men (82%) aged 25-34 have a financial goal to start their own business (vs. 73% of women).
The findings follow recent trends including quiet quitting and quiet firing, where employees quietly leave or start looking for new jobs due to feelings of job dissatisfaction and a sense of feeling undervalued by their employers.
Commenting on the findings, nudge’s co-founder and CEO Tim Perkins said:
Today’s workforce is increasingly focused on their wellbeing and recognition. As shown by the rising number of younger employees prioritising entrepreneurship as a financial goal, our report highlights a growing sentiment among employees who feel undervalued and interchangeable. This trend presents an opportunity for employers to rethink how they support and engage their talent, ensuring they feel valued and supported with the right benefits.
Tim Perkins, nudge CEO
Entrepreneurship goals across the globe
When it comes to global trends, the differences are significant. For example, in Japan, where a culture of lifetime employment (also known as shushin-koyo) is prevalent, only 13% of women and 21% of men within this age group have a financial goal of starting their own business. However, in its neighbouring country, China, ambitions differ, with the majority (83%) of women and over half (55%) of men having this goal.
More surprisingly, the UAE has the highest number of respondents interested in starting their own business (91%) compared to India (77%) and Argentina (54%).
Continuing, Tim adds:
The lack of benefits associated with entrepreneurship may not be the first thing that comes to mind for workers considering this lifestyle. However, it can have a significant impact. For instance, the lack of healthcare benefits may affect older employees. Employers should do more to ensure their employees are aware of the available and relevant benefits in their current offerings to boost loyalty and retention. And with 93% of employees aiming for financial security and 90% actively working to improve their financial literacy, providing tailored, impartial financial education that also increases understanding of the wider benefits offering has never been more important.
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.