Down, but not out - New report from The Prince's Trust and RBS

Down, but not out - New report from The Prince's Trust and RBS

New research from The Prince's Trust, in partnership with RBS, has been examining the attitudes of Britain's young entrepreneurs. The findings are revealed in the report "Down, but not out".

Economic Analysis

21 August 2012

RBS has worked with Prince's Trust and Youth Business Scotland for over a decade to help get more young people started in business. This latest research shows that our work together is more important than ever in the challenging economic climate.

The report shows how tough it is for today’s young people, especially those in long-term unemployment. By contrast, it also shows how self-employment can make a huge difference to a young person’s outlook on life.

Key findings

  • Self-employed young people are significantly more positive about their future than their peers
  • Young entrepreneurs are twice as likely as their unemployed peers to believe they will "succeed in life" (70% compared with 36%)
  • 38% of young people who have been unemployed have considered starting a business as a route out of unemployment
  • 48% of self-employed young people say starting their own business is the best decision they have ever made
  • 51% say they would recommend starting a business to unemployed young people.
  • Of the self-employed young people surveyed, 13% said they set up in business because they could not find a job
  • Attitudes to self-employment are positive, but there is a lack of information and confidence about actually setting up a business

A-Z of Young Businesses

Also with support from RBS, the Prince's Trust is showcasing 26 young entrepreneurs in a new campaign, the A-Z of Young Businesses. In the face of rising unemployment, all have been helped into business through the Prince's Trust Enterprise Programme.

"RBS is proud to continue to support the Prince's Trust Enterprise Programme which is proven to help young people set up business. This is particularly important in the current economic climate and I hope this will inspire any young unemployed person to consider self employment."

Chris Sullivan, Chief Executive, Corporate Banking Division


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