Axa UK research suggests that half of those aged 18 to 29 have started their own business or side hustle. The insurer says they are driven by the desire to realise a dream (18%) or because they want to help the planet (12%). In contrast, less than a third (29%) of Boomers and 26% of Gen X have launched their own business.

The research shows that 17% of young entrepreneurs run their business ideas past AI to ensure it is original (57%), to get clarity on how to take it forward (55%) and to keep it under wraps (43%).

Mike Crane, managing director at Axa Insurance UK – commercial, said: “Running your own business can be tough so it’s great to see so many young people are willing to take the leap.
Giving up a stable income for the unknown is perhaps more challenging when you’re further along your career journey but there’s no age limit to coming up with a winning idea.”

Axa UK commissioned the research to coincide with its Axa Startup Angel competition. The best two businesses win £25,000 each to support growth plans, as well as receiving mentoring and free business insurance for a year.