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Retirement

A quarter of Brits dream of breaking out, says survey

Cherry Reynard
Written By:
Cherry Reynard
Posted:
Updated:
05/12/2014

The dream of ditching the nine to five and launching an alternative career is alive and well, according to a report from Lloyds Bank Insurance.

The research – Big Issues for Small Businesses – shows half (51%) of those thinking of breaking out from their current career would change sector and role altogether. The top dream break outs include becoming a sportsperson, working with animals and being a writer.

The poll finds the most common reasons for wanting to go it alone include having more control over work-life balance (51%), taking on a new challenge (46%) and making more money (41%).

More than eight out of 10 (83%) believe that they would be more motivated by the change, and over three quarters (79%) feel they would have greater job satisfaction running their own business. However, most recognise that autonomy comes at a price, with more than three quarters saying the change would also increase their stress levels (78%) and 71% say they would have to take fewer holidays.

Despite the recent improvement in the UK economy, nearly half (48%) of workers feel that the current economic climate is not strong enough to make the change. A third (35%) admit that they don’t know where to start. Despite this uncertainty, two thirds (66%) would not think to take out insurance, such as public liability, to manage the risks associated with running a business.

Damien McGarrigle, head of business insurance at Lloyds Bank Insurance, said: “This research shows that we are a nation of aspiring business owners, with the workforce thinking up new ways to break out of their current jobs and become their own boss. While a fear of taking the plunge is holding back many of these potential business break-outs, greater awareness of business insurance could protect fledgling firms against uncertainties and help them prosper.”