Young small business owners are the most confident demographic in relation to their business prospects over the next 12 months, according to a new survey. More than nine in ten (94 per cent) Gen Z business owners say they are ‘confident’, a third of which double-down by stating they are ‘very confident’ looking ahead to 2025.
The survey of 1,000 owners of small- and medium-sized businesses (SMEs) in the UK was commissioned by business utilities retailer, Love Energy Savings. Optimistic Gen Z business owners are then followed by Millennials, with 83 per cent stating that they are confident about their business prospects. This comes as the Federation of Small Businesses report a recent fall in small business confidence.
According to Love Energy Savings’ research, this decline is likely to be driven by the over 45s. Just over half (56 per cent) of 45-54 year olds claim to be confident, in contrast to their younger counterparts, and the figure is slightly lower for the over 55s (53 per cent).
The Bolton-based business utilities retailer maintains that, while there’s rising tensions ahead of what’s expected to be a bleak Autumn Statement, the resilience, optimism, and hope of SME owners is reflected in the results of its new study.
For almost a decade, small businesses in the UK have consistently faced challenges to their business prospects and have been forced to adapt to an ever-changing economic landscape, whether that’s due to Brexit, the pandemic, inflationary pressures, or supply chain issues. Despite this, almost nine in ten (88 per cent) British SMEs would recommend starting a small business in 2025.
Love Energy Savings Founder & CEO, Phil Foster, said: “It’s massively encouraging to see so many SME business owners leaning into the new year with confidence and optimism.”
