A new study shows that almost half of start-ups launched during the past year were by millennials.

This research used stats provided by Companies House to find out how many new small businesses were set up in the UK during the period from July of last year to now, and what the demographic breakdown is. It reveals that 49% of them were set up by people in the 25-40 millennial age range, which is the highest number of any demographic.

In total, people within that age bracket started up over 227,000 companies in the 11-month time period, with 1.6% of millennials becoming owners of their own businesses. Given their comparative youth, they will, on average, be less experienced at dealing with financial matters, and may look to accountants in Goole and other places for help.

The Generation X demographic, which is people in the 41-56 age bracket, accounted for one third of the start-ups, while baby boomers in the 57-75 age range created 9.6% of them, and the 16-24-year-old Generation Z grouping created 7.8%.

Speaking to Small Business, Daniel Hogan, the co-founder of the company behind the study, said:

“The country has had to adapt to massive changes over the past year, so despite the uncertainty it’s inspiring to see so many people taking the initiative to set up their own business.”

By far the most common types of companies to be launched during this period were e-commerce ones, which made up over 26,000 of the total, according to the study.