More than a third of British parents (35 per cent) would rather their child start a business than go to university this autumn, according to research from Virgin StartUp published ahead of A-level results day on Thursday.
The survey of 1,000 British parents with children aged 13 to 21 found that 85 per cent would support their child starting a business, while 87 per cent would like to see entrepreneurial skills such as financial literacy and problem-solving taught in schools.
The findings come as more than 840,000 students in England, Wales and Northern Ireland prepare to receive their results, and as figures from the Office for National Statistics show more than one million young people in the UK are not in education, employment or training.
Against that backdrop, 41 per cent of parents surveyed believe a university degree is less important for building a successful career than it was 20 years ago. The reasons cited most often were the high cost of education and corresponding debt (63 per cent), the fast-evolving job market (56 per cent) and more widely understood routes to success outside of university (54 per cent).
Three in five parents (63 per cent) say they are already fostering an entrepreneurial spirit at home. The most common approaches were helping children learn about saving money (60 per cent), encouraging them to invest their savings (40 per cent), teaching them about profit, costs and pricing using a simple budget (36 per cent) and encouraging them to sell old toys or belongings (33 per cent).
Two-thirds of parents (66 per cent) said the most important thing is that their child enjoys what they do, while 52 per cent believe their child is more entrepreneurial than they were at the same age. Almost six in 10 (59 per cent) believe entrepreneurship is a more attractive career option than it was two decades ago.
More than half (54 per cent) believe today’s job market makes entrepreneurship a more attractive option, and 62 per cent say advances such as social media and AI have made it easier for young people to start a business straight out of school.
The research also points to gaps in support at home. Only 57 per cent of parents would feel confident advising their child on starting a business, and 59 per cent of children have not considered or discussed starting a business with their families.
Andy Fishburn, managing director of Virgin StartUp, which supports early-stage business founders, said: “At Virgin StartUp, we’re aiming to inspire the next generation of founders by making entrepreneurship feel like an accessible career option.
“We are seeing more young people nowadays thinking about starting a business rather than going through the traditional academic route. AI is really levelling the playing field, increasing access to advice and skills, but entrepreneurship is also just a great way to build something on your own terms, which is a powerful draw for the younger generation.”
Virgin StartUp recently hosted a ‘Dragons’ Den’-style competition with 40 London students, in collaboration with social impact lifestyle brand Leiho and the Social Enterprise Academy. The students took part in workshops with Virgin StartUp’s business advisers on how to develop their ideas into viable businesses.
Parents also see a role for schools. Of the 87 per cent who agreed entrepreneurial skills should be taught in school, the top priorities were financial literacy (52 per cent), problem-solving (48 per cent) and better communication skills (43 per cent). Two-thirds said they wish they had been encouraged to be more entrepreneurial when they were at school.
