Third of parents want their kids to start a business rather than go to uni as student debt concerns rise

MORE than a third of parents would rather their children start their own business than go to university. 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. To do this, 60% say they’re 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. Sign up for the Money newsletter Thank you! And 23% have even helped them to start a small venture. As many 18-year-olds prepare to collect A-Level results and possibly head to university, it 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. 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.” Most read in Money The research also found 59% of parents feel entrepreneurship is a more attractive option now than 20 years ago, with 62% stating social media and AI have made it easier for young people to start a business straight out of school. As a result, 87% would like to see schools teach more entrepreneurial skills, including financial literacy (52%), problem-solving (48%) and communication skills (43%). 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. Comment now