A survey of 18 to 30 year olds conducted in the first three months of 2013 found that 49% of the 2,385 young people questioned would prefer to be self employed than work for others. More than half – 54% - of those who are not already self employed have considered starting their own business.
But while 56% of young people want to start their own business compared to 36% of the general population, only 11% of the under 30s say they are in the process of fulfilling their aspiration.
RBS Group’s quarterly Youth Enterprise Tracker charts the views and attitudes of people under the age of 30 starting up in business. The research, which has been carried out for more than a year, shows that despite many existing initiatives to help entrepreneurs, there is still low uptake of these services by young people who are starting their own businesses.
Thom Kenrick of RBS Group Sustainability said: “We know that young people are the life blood of this economy, and we know that we need to support and encourage those with ambition to take the next step to explore enterprise and start up in business.
“However, our research shows that the majority feel the current economic climate is too difficult, and a third are worried about securing the necessary finance. Finally 25% are worried that they need more skills in order to succeed, and that they need better networks.”
Inspiring Youth Enterprise, part of RBS Inspiring Enterprise, launched in 2012 to provide networks, training, information and resources to help young people under the age of 30 to explore enterprise.
RBS has committed to help 100,000 young people to explore enterprise, develop their skills and start up in business by the end of 2015.
As part of this, RBS is offering grants to organisations that support young people to achieve these aims, by funding programmes that inspire, educate and motivate them to explore and develop their business skills. The first round of Inspiring Youth Enterprise grant funding resulted in 18 organisations receiving funding to run these programmes all over the UK.
The second round of grant funding is now open, with nearly 500 organisations applying for the £250,000 available. These organisations will be shortlisted on the RBS.com website on April 15 so the public can vote on which idea they like best. This public vote will count as one judge on our panel to decide who will receive funding in this round.
Further details of the Youth Tracker Research, the public vote, and future rounds of Inspiring Youth Enterprise grant funding can be found on the RBS Inspiring Youth Enterprise website.