A new study has uncovered the parts of the UK where entrepreneurship is thriving, as well as those where it's in the doldrums.
A survey conducted by Censuswide for Crealogix asked UK consumers what they would do if they received a sudden windfall of £100,000 in order to gauge how many would use the money to start a business. The results show that people living in the midlands and the north are significantly more likely to invest in a new business venture than people from Wales, the south west or London.
Young people are most likely to start their own business, the report found. One in four 22-29 year-olds said they would invest a sudden windfall of cash in starting a business compared to just 6% the over-30s polled. With London's high cost of living, many young people are relocating to more affordable hotspots in the midlands and the north, according to the report.
More women than men said they wanted to set up a business. In fact, the report reveals that the most likely entrepreneurs are women in their twenties living in Manchester.
The survey also asked consumers who they would turn to for financial advice if they got a windfall. The results are:
- 35% would ask family for advice;
- 32% would talk to their partner;
- 29% would consult their bank;
- 19% would see a wealth management advisor;
- 18% would not seek out advice at all;
- 15% would ask friends;
- 12% would search for answers on Google;
- 10% would read financial publications;
- 5% would ask their colleagues for advice.