More than a third of parents favour entrepreneurship over university for their children – Virgin StartUp

More than a third of British parents would rather their children start a business than go to university, according to research from Virgin StartUp.

The study of 1,000 parents with children aged between 13 and 21 found 35% would prefer their child to start a business rather than attend university this autumn, while 85% would support them if they chose to launch a business.

The findings come ahead of A-Level results day and point to changing attitudes towards traditional routes into employment, with 41% of parents believing a university degree is less important for building a successful career than it was 20 years ago.

Among those questioning the importance of university, 63% cited the cost of education and associated debt, while 56% pointed to the rapidly changing jobs market and 54% highlighted greater awareness of routes to success outside higher education.

Almost six in 10 (59%) parents said entrepreneurship was a more attractive career option than it was two decades ago, while 54% believed the current jobs market had increased its appeal.

Developments in technology are also influencing attitudes, with 62% saying advances including social media and artificial intelligence have made it easier for young people to start businesses directly after leaving school.

Parents are also encouraging entrepreneurial skills at home, with 63% saying they were already fostering an entrepreneurial mindset in their children.

Of these, 60% were helping their children learn about saving money, 40% were encouraging them to invest their savings, 36% were teaching them about profit, costs and pricing through simple budgeting, and 33% encouraged them to sell unwanted belongings.