The Millennial Money Survey by F&C Investment Trust questioned over 4,000 adults aged 18-35.

The survey found that 14% of millennials aspire to start a business in the next five years.

This figure rises to 18% for those who want to do so in the next 10 years.

However, the research also found that around half of millennials don’t hold any long-term savings or investment products, while only 11% planned to save or invest more in 2018 in order to help start a business.

The survey also highlighted that 35% of millennials in the North East aimed to start a business, compared with only 24% in the South West.

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Ross Duncton, managing director and head of marketing and direct at BMO Global Asset Management, which manages F&C Investment Trust, said: “Small Business Advice Week is a great opportunity for budding business owners to seek advice from professionals who are willing to share first-hand experience to help others succeed.

“I urge aspiring entrepreneurs to also seek advice about how they can finance their enterprise.

“Think about ways to build a personal savings pot, for example, via investment products that can grow your cash steadily in the medium to long term.

“This can enable you to self-finance a higher percentage of your business.

“Less reliance on bank loans or external investors at the outset can bring more financial independence and control over business decisions in the long run.”