According to the survey of 2,000 Brits, two fifths of workers (41%) regret their choice of career – of these, over two thirds (67%) said they plan to switch careers. The main reasons respondents gave for wanting to leave their current job were to secure better pay and benefits (41%), better work/life balance (26%) and wanting more flexible working hours (19%).
When it comes to thinking about a potential career switch, nearly two thirds (59%) of Brits said they would consider starting their own business. The most entrepreneurially minded were the younger generations – over two thirds of those aged between 16-34 said they would consider starting their own business, compared to a third of those aged 55+.
Becoming a business owner is synonymous with financial gain and greater work autonomy. The top reasons for starting a business were to make more money (41%), better work/life balance (31%), flexible hours (28%), wanting to be in control (28%), wanting to feel more fulfilled (21%) and less day-to-day pressure and being able to set own targets (18%).
Conversely, the key barriers that are holding people back from starting their own business include lack of finance (54%), fear of failure (36%), lack of confidence about the skills to create and grow a business (33%), lack of a good idea for a business (21%) and lack of infrastructure and support (21%).
The research was commissioned by Travel Counsellors to mark its 2024 drive to help create more than 300 new businesses following the company’s record performance in 2023.
Matt Harding, Director of Franchise Sales of Travel Counsellors said: “Our research suggests that starting and owning a business is an aspiration for many British workers, who are increasingly seeking both better financial rewards and work-life balance.
“It is clear that many people want to embark on an entrepreneurship journey but find the prospect daunting. At Travel Counsellors, we enable our people to unlock their entrepreneurial ambitions and build their own travel business through our strong community, and provide full access and support to the right tools, technologies and guidance needed to climb the ladder of success. Not only that, by starting a business with Travel Counsellors our franchise owners benefit from much lower initial investment costs compared to starting a similar business on their own.
We are committed to supporting the entrepreneurially ambitious – especially young people who according to the data show greater aspirations to become business owners than previous generations.”
According to the research, the travel industry is one of the happiest job sectors in the UK. Those working in the travel industry were the most content in their current roles – less than half (45%) said they would leave their current job in the next 12 months compared to those in the IT & Telecoms sector (72%).
The travel sector also ranked among the top three industries where respondents were the least likely to regret their career choice, with a satisfaction rate of 61%. This placed it alongside sales, media and marketing (69%), as well as architecture, engineering and building (61%).
Additionally, when respondents were asked if they could have their dream job in any industry sector, travel and tourism emerged as number one (18%), followed by healthcare (14%), technology (14%), education (12%) and creative arts and design (12%).
Other highlights from the research include:
- Those who had been in their role for 1-2 years were the most likely to consider leaving their current job (58%) compared to those who had been in the same job for over 30 years (28%).
- Nearly a quarter (24%) said they were dissatisfied with their current salary.
- This was highest among those aged 45-54 (28%)
- Women were least satisfied (54%) with their current salary compared to men (61%)
- The sector most dissatisfied with their current salary is retail, catering and leisure (32%) and education (31%).
- Just less than a third (32%) said they do not plan to switch careers. The top reasons for this were:
- Feel like it’s too late in my career to make a change (57%) – this was particularly prominent for those who had been in their current role for over 16 years
- Having to learn new skills (29%)
- Fear of change (28%)
- Fear of losing out on money (28%)
- Planning retirement also emerged as a key reason.
- When considering their next role, the top five must-haves for respondents were:
- Good work-life balance (48%)
- Better salary and benefits (40%)
- Flexible working hours (39%)
- Remote working options (27%)
- A sense of purpose (26%)
- Good work/life balance was most important for 35-44 year olds (54%), whereas 16-24 year olds prioritised better salary/compensation and benefits (38%).
- More men (64%) than women (55%) said they would consider starting their own business
- Leeds was the top city in the UK where most respondents said they would consider starting their own business (66%)