Gen Z workers are starting their own businesses in record numbers. But where in the UK are the most welcomed?
By Zee Johnson
An influx of Generation Z workers is entering the workforce in hopes of launching their own businesses. According to a recent Nielsen study, about 54% of Gen Z said they wanted to start their own company. The catalysts behind this decision? Control, the chance at being debt free, leading a purposeful life, and being good to the planet.
Another study by Novuna Business Cash Flow recently analysed several factors including age, business start-up and closure rates, internet speed, TikTok views, and mean housing prices to scope the best city in the UK for young adults looking to take a chance on their entrepreneurial dreams.
London made its way to the top of the list of cities for Gen Z to launch a business in, though the city had the highest average house price and largest business closure rate. The city scored an index score of 163 out of a total of 210. It also had the top start-up rate and the most TikTok views of any other city.
Closely following London was the university city Cambridge, scoring 161 out of 210. With the second lowest average age in the UK (35.4) and the second highest ultra-fast broadband availability, the city boasts some of the highest weekly earnings at €657.16.
Rounding out the top 10 in order from highest to lowest include Derby (155), Oxford (154), Manchester (146), Glasgow (146), Liverpool (143), Southampton (139), Birmingham (137), and Bradford (136).
The survey also listed the 10 worst cities for Gen Z to start their businesses in due to lack of fast broadband availability and high CO2 emissions. Those cities were Aberdeen (76), Doncaster (89), Blackpool (93), Swansea (96), Stoke-on-Trent (99), York (99), Sunderland (104), Preston (109), Norwich (109), and Sheffield (111).
London averaged 95.58 business start-ups per 10,000 people, €664.59 average weekly earnings, and had 31.1 billion TikTok view since 2017.