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Youngsters put off starting a business by recession

Many young people have a business idea but are holding off doing anything about it until the end of the recession, according to a new report.

The Prince’s Trust said a study of 1,720 people aged 18-30 showed that the Government should be doing more to help youngsters into self-employment as a way of tackling youth unemployment.

Over half of those polled complained that jobcentres and careers advisors did not give enough information about self-employment, while two thirds said schools and colleges offered little or no advice.

Martina Milburn, chief executive of The Prince’s Trust, said: “Our economy needs fresh input and young inspiration. The recession should not mean putting the brake on creativity.

“It is fantastic that so many young people are having ideas. Now it is vital we provide these entrepreneurs with the support they need to make their businesses work.”

Stephen Boyle, head of group economics at the Royal Bank of Scotland, which helped with the study, added: “The research suggests the UK has a measure of pent-up entrepreneurial activity, waiting for the right economic conditions.

“If the worst of the recession is behind us, we can be optimistic that the UK’s young entrepreneurs will play an exciting role in the recovery.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .