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Global appetite for self-employment remains high despite financial concerns, study finds

Remitly Business found that 74.6% would rather be their own boss than work for someone else.

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Global appetite for self-employment remains high despite financial concerns, study finds
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Nearly three-quarters of people globally would prefer to work for themselves rather than for an employer, according to research from Remitly Business.

The study surveyed more than 5,000 people across 28 countries and found that 74.6% would rather be their own boss than work for someone else.

However, only a third said they were likely to take steps towards self-employment within the next year.

Kenya ranked highest for interest in self-employment, with 98% of respondents saying they would prefer working for themselves, followed by South Africa at 92.7% and Morocco at 90.7%.

The research found independence and control over working life was the main driver behind interest in self-employment, cited by 72.7% of respondents.

Greater flexibility and improved work-life balance were also identified as major factors.

Financial gain ranked lower among motivations, with fewer than half of respondents identifying it as a primary reason for pursuing self-employment.

The study also highlighted growing interest in international business activity, with 58.1% of respondents saying they would like to work with overseas clients or operate across multiple countries.

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Despite strong interest in entrepreneurship, financial concerns remained the biggest barrier preventing people from making the move into self-employment.

More than half of respondents said lack of stable income was their biggest concern, while others cited worries about finding enough clients and fear of failure.

The research also found that more than half of respondents would need to earn at least one-and-a-half times their current salary before seriously considering self-employment, while almost a quarter said they would need to double their income.

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Australia recorded the highest proportion of people who preferred traditional employment, followed by New Zealand and the Czech Republic.

Job security, workplace benefits and lower financial risk were identified as the main reasons for favouring employed work over self-employment.

The study also found widespread scepticism around how self-employment is portrayed online.

More than eight in 10 respondents said social media makes self-employment appear more attractive than it really is, while a similar proportion believed hustle culture places too much pressure on people to constantly work or earn money.

Ankur Tiwari, VP and GM at Remitly Business, said: “Our research highlights a growing gap between the ambition to start a business and the confidence to take that first step.

“Many people are drawn to the independence and flexibility that entrepreneurship can offer, but ongoing financial uncertainty is making it harder to make the leap.”

Tiwari added: “What’s especially interesting is how global entrepreneurship is becoming.

“People want to build businesses that operate across borders from day one.”

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