A new survey conducted by NAB Economics indicates a growing entrepreneurial spirit among Australian secondary school students. The study reveals that nearly half of these students, 47%, aspire to start their own business upon leaving school. This marks a significant increase from just 35% in 2023. The survey also found that entrepreneurial ambition is notably expressed by 52% of boys and 41% of girls.
According to the findings, 60% of students consider achieving a balanced life between work, study, and leisure as the primary metric of success. The report, named “Life after school,” forms part of NAB Economics’ Education Insights Series and is based on responses from students nationwide across different school sectors.
Julie Rynski, NAB Executive Business Metro and Specialised, views the increased ambition as a positive indication for Australia's future. “It’s fantastic to see the entrepreneurial spirit that we see all the time in business owners reflected in the next generation of Australian school graduates. 'Having a go' has long been part of the Australian ethos driving the engine room of our economy, and I’m very happy to see that ambition shining through in these results,” said Rynski.
Rynski further emphasized the timeless nature of entrepreneurship, stating, “Economic cycles come and go but it’s always a good time to start a business – to have a go at building something of your own. That’s the essence of entrepreneurship and I see that in NAB’s business customers every day.”
Morgan Hipworth, a young entrepreneur who opened Bistro Morgan and Mediterranean restaurant Maven by Morgan, highlighted his personal experience. He began his business journey at 15. “For me, it was always about passion and a dream rather than just starting a business. I never saw it as just a job, it was about creating something I loved and sharing it with people. Now, I think more young Aussies are realising that what they dream is actually possible,” Hipworth shared. He encouraged young people to pursue their ideas, adding, “If you’ve got an idea, go for it. The worst that can happen is you learn something and that’s never a bad thing.”
Dr Ray Swann, Deputy Headmaster of Brighton Grammar School, and head of the school’s education research center, acknowledged the alignment of NAB’s findings with the school's experiences. “The NAB research aligns with our own findings that young people hold hope and optimism for the future,” he noted. Swann also remarked on the role of educational institutions in nurturing this hope, asserting, “Part of our role, as schools, is to ensure that hope is only strengthened through learning environments that provide the balance between challenge and support.”
For further insights, the full NAB Economics’ Education Insights Series report, ‘Life After School’, is available for review.