As 18-year-olds across the country prepare to collect their A-Level results and possibly head off to university, a survey found 41% of parents think a degree is less important for a successful career than it was 20 years ago. Of these, 63% think the debt that comes from a university education acts as a drag on economic opportunity, while 56% feel evolving jobs mean degrees are losing value.
Entrepreneurship Gains Favor
Possibly because of this, more than a third of parents would rather their children start their own business than go to university. More than six in 10 (62%) think that social media and AI have made it easier for young people to start a business straight out of school.
A study of 1,000 parents with children aged between 13 and 21 found 63% 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% of parents feel entrepreneurship is a more attractive option now than 20 years ago.
Support for Business Skills
Exactly six in 10 parents say they are helping their child learn about money, while others are encouraging them to invest in savings (40%) and teaching them about budgeting, costs and profits (36%). The research, commissioned by Virgin StartUp, found nearly a third (28%) have encouraged their offspring to track income and expenses in a spreadsheet, while 27% have helped them pitch ideas to their family for feedback.
More than one in five parents (23%) have even helped them to start a small venture. As a result, 87% would like to see schools teach more entrepreneurial skills, including financial literacy (52%), problem-solving (48%) and communication skills (43%).
Parental Regret and Aspirations
Two thirds also wish they had been encouraged to be more enterprising when they were at school, with 52% proud to admit their child is more entrepreneurially minded than they were at the same age. And 57% of those polled via OnePoll would consider starting a business with their child as a result.
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.”
