Parents need youngsters to begin companies – not go to college, survey finds
A survey has found that parents think university degrees are losing their importance.
More than six in 10 parents think they are instilling an entrepreneurial spirit in their kids(Image: Virgin StartUp)
More than a third of parents would rather their children start their own business than go to university, a survey has found. As many 18-year-olds across the country prepare to collect their A-Level results and possibly head off to university, it was found that 41 per cent of parents think a degree is less important for a successful career than it was 20 years ago.
Of these, 63 per cent think the debt that comes from getting a degree acts as a drag on economic opportunity, while 56 per cent feel evolving jobs in fields like AI mean degrees are losing value.
Nearly a quarter of parents have helped their children to start a small venture(Image: Virgin StartUp)
A study of 1,000 parents with children aged between 13 and 21 found 63 per cent are already fostering an entrepreneurial spirit in their kids, believing it will be far more valuable than a degree in the long run.
The research also found 59 per cent of parents feel entrepreneurship is a more attractive option now than 20 years ago, with 62 per cent stating social media and AI have made it easier for young people to start a business straight out of school.
Andy Fishburn, managing director at Virgin StartUp, which supports early-stage business founders, said: “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.”
18-year-olds across the country are getting ready to collect their A-Level results(Image: Virgin StartUp)
To do this, exactly six in 10 say they are helping their child learn about money, while others are encouraging them to invest in savings (40 per cent) and teaching them about budgeting, costs and profits (36 per cent).
The research, commissioned by Virgin StartUp, found nearly a third (28 per cent) have encouraged their offspring to track income and expenses in a spreadsheet, while 27 per cent have helped them pitch ideas to their family for feedback.
Nearly a quarter (23 per cent) have even helped them to start a small venture.
As a result, 87 per cent would like to see schools teach more entrepreneurial skills, including financial literacy (52 per cent), problem-solving (48 per cent) and communication skills (43 per cent).
Two-thirds also wish they had been encouraged to be more enterprising when they were at school, with 52 per cent proud to admit their child is more entrepreneurially minded than they were at the same age.
And 57 per cent of those polled via OnePoll would consider starting a business with their child as a result.
