Its Job Security Index research shows nearly a third (28%) of current UK workers would leave their employee status behind and consider setting up their own business if they were to lose their job. Over half (53%) said they'd consider working on a self-employed basis.
As last month's ONS stats highlighted, it is the younger generations that are at most risk of not finding a job and being unemployed. So it is great to see from the Job Security Index that the younger generations appear to have the most entrepreneurial flair, as almost a third,(32%) of those aged between 25 and 34 years stated they would look into starting their own enterprise. In addition, the research showed that a quarter (25%) of those aged between 18 and 24 years old would be keen to start up their own business if they were made unemployed.
The Job Security Index findings also show men are leading the way, with just under a third (32%) saying they would start up their own business if they lost their job compared to just over a fifth (23%) of women.
Workers in Northern Ireland are the most likely to consider starting their own business (31%), followed by those in the West Midlands (30%), if they were to lose their job.
The nation with the least entrepreneurial spirit is Wales, with just 21% of workers saying they would look into starting their own company.
Scotland has slightly less innovative energy than the national average, with 27% of workers saying they would consider starting up their own business.
Mark Holweger, director at Legal & General's general insurance business said: "Being unemployed can often be the trigger that some people need to follow their dream of starting up their own business. So it's great to see from our research findings that as a nation so many of us still have a strong entrepreneurial spirit, given the on-going economic backdrop. What is most encouraging is the desire among the younger generations to take the initiative and live their dream of starting their own business.
"Although a new business venture can be extremely exciting and lucrative, there are still those everyday living costs to cover in the meantime. So while it's good to see Brits thinking ahead of ways to help provide for themselves in the future should they lose their job, 67% of those we surveyed said that they did not have any insurance cover in place which would help provide a reliable income and so potentially an important financial cushion. Having insurance cover to protect essential living expenses such as the mortgage or rent payments or utility bills, although not front of mind, is easy to arrange and may well help to ease some of the financial worries for a budding entrepreneur, while they concentrate on getting their new venture up and running."
