Youth confident of financial success

MORE than 40 per cent of entrepreneurs under 34 believe they will make their first million within five years according to research released today.

The study by Orange Business Services revealed as many as seven million Britons genuinely believe they will become millionaires and more than two thirds of those think it will be achievable within 10 years.

The survey into people's attitudes to making money found that women and young people could prove the most promising contributors to the UK economy over the next decade, with the majority relying on business skills and personal ambition to reach millionaire status.

In contrast, men said they would risk the most for a millionaire lifestyle, including spending time in prison for crimes they did not commit and cutting off all contact with family and friends for a limited period.

Two-thirds of 16-24 year olds cite personal ambition as their motivating factor to becoming a millionaire.

A healthy 25 per cent of youngsters expect to make their money from an existing or future business venture and many still believe that property remains a safe investment.

A third of respondents also cited a green or ethical business as their preferred business investment.

The research coincides with the launch of a monthly series of videocasts profiling some of the UK's most ambitious entrepreneurs. The first videocast features venture capitalist and the multi-millionaire star of Dragons' Den James Caan.

Martin Lyne, director of small businesses, Orange Business Services, commented: “This research is a positive reflection of the UK's ambition and drive. That millionaire status today is associated as much with business success and personal ambition as it is with a winning lottery ticket is a reflection of our changing attitude towards business and entrepreneurship and bodes very well for the UK economy in the not so distant future. To see such confidence shine through, especially amongst the younger generation, is particularly encouraging.”