Working

More than a third (40%) of Brits would like to be their own boss but are being held back by financial fears, according to Intouch Accounting.

10,000 people across Britain were asked if they’d considered self-employment, and which aspects of the shift they found the most daunting – with money matters being the key cause for concern.

The study found that overheads and over-working are the main reasons ambitious Brits are concerned about quitting their day jobs.

Nearly half (47%) of participants considered the lack of stable income the ultimate obstacle to starting their own company, despite a City AM report showing that the UK's small and medium-sized enterprises (SMEs) generate a yearly turnover of more than £1 trillion - a third of the UK's overall business turnover.

Over 25% of those surveyed were daunted by the prospect of funding, in spite of the range of government schemes in place, while a significant 17% were put off by the idea of managing their own finances.

Gen Y

One resounding outcome of the survey saw more than half of under 35s reveal they'd like to be their own boss, suggesting that entrepreneurial spirit is strong among Generation Y.

Women below the age of 35 were the most passionate when it came to the prospect of self-employment – with a staggering 60% of younger women across the UK stating that they’d consider taking the leap.

Over half of female respondents between 18 and 35 cited the lack of stable income as their number one cause for concern when it came to the reality of setting up – while less than 10% of these women considered the prospect of working unsocial hours to be a deal-breaker.

Paul Gough, managing director at Intouch Accounting, said: "I think the survey results prove the UK flexible workforce is here to stay. Forty per cent of the population surveyed and more than half of Generation Y are entrepreneurial - that's great news!

"When the government shows its true colours and gets behind the UK contractor, reducing the uncertainty about the future of this invaluable part of the economy, this figure will undoubtedly increase."