Press Room

Enterprising Youngsters Keep UK's Entrepreneurial Spirit Alive
(02 November 2005)

Nearly three quarters of sixth formers and two thirds of university students would consider setting up their own business after they finish education, according to the 2005 NatWest Student Money Matters survey. What's more, over 30% have an innovative business idea that they would like to pursue, proving that innovation is alive and well in the UK's schools and universities.

Despite this desire, only 15% state that they are studying on a course which relates to their business idea, although more men (21%) think that their future start up idea will be related to their educational background.

Of those respondents who would consider going it alone, two thirds would do so because of the independence that it might offer them, over half want to be their own boss and 53% think that by starting up their own business, they will make more money.

As for aspirations, UK youngsters want the rewards that running a small business can offer. Nearly two thirds hope to reward themselves with flexible working hours, 47% want to buy a property and 44% hope that by going it alone, they will get more holidays than in a standard office job.

Despite holidays being high on their agenda, UK youngsters understand that running a business takes hard work and dedication and they therefore expect to work 10-hour days and only take 24 days holiday a year, to make their business a success.

Pete Ferns, Director of NatWest Business Banking, said: "School and university students are the future of the UK's economy and it is therefore great to see that innovation and the desire to go it alone, is widespread amongst our young people".

"Starting up a business takes a lot of hard work and dedication and can be challenging, but with the right support and guidance, it can be one of the most rewarding things that you do with your life - regardless of age."

Notes to Editors:

  • Case studies are also available on request.
  • Research carried out by Virtual Surveys Limited in May 2005.
  • 1,000 Graduates, 1,472 Students and 1,006 sixth formers were surveyed.