More than four in 10 parents believe a degree is less important for a successful career than it was 20 years ago, with many citing student debt as a drag on economic opportunity. Over half (56%) feel the evolving job market is eroding the value of traditional degrees, prompting over a third to prefer their children start their own businesses instead of attending university.
Survey Highlights Shift in Parental Attitudes
A study of 1,000 parents with children aged 13 to 21 found 63% are fostering an entrepreneurial spirit, believing it will be more valuable than a degree in the long run. To support this, six in 10 are teaching their children about money, while others encourage saving (40%) and lessons in budgeting, costs, and profits (36%).
Nearly a third (28%) have encouraged children to track income and expenses in spreadsheets, 27% have helped them pitch ideas to family for feedback, and 23% have assisted in starting small ventures.
Entrepreneurship Seen as More Accessible
Andy Fishburn, managing director at Virgin StartUp, which commissioned the research, 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.”
He added: “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.”
Parents Want More Entrepreneurial Education
The research found 59% of parents feel entrepreneurship is more attractive now than 20 years ago, and 62% believe social media and AI have made it easier for young people to start businesses straight out of school. Consequently, 87% would like schools to teach more entrepreneurial skills, including financial literacy (52%), problem-solving (48%), and communication (43%).
Two-thirds wish they had been encouraged to be more enterprising in their own schooling, with 52% proud to admit their children are more entrepreneurially minded than they were. Nearly six in 10 (57%) would consider starting a business with their child.
