The entrepreneurial spark is burning bright among Australia’s youth, with nearly half of all secondary students saying they want to become their own boss after school, new data shows.
Despite this enthusiasm, entrepreneurial education is only offered in about one in 10 Australian schools – a gap that experts say needs urgent attention.
The latest NAB survey, which polled hundreds of students across public, Catholic and independent schools nationwide, found 47% of secondary students want to start their own business after finishing school. That’s a sharp rise from 35% in 2023.
The findings also reveal some clear trends. Students at private, Catholic and independent schools were slightly more likely to express interest in starting a business (49%) than those in public schools (45%).
At boys-only schools, interest peaked at 50%, compared to 35% at girls-only schools. Overall, 52% of boys said they’d like to run their own business, while 41% of girls said the same.
Among students who identified as LGBTQI+, interest in entrepreneurship was lower, at 38%, compared to 48% among those who did not.
Interest also varied by year level—from 41% in Years 7–9 to 49% in Years 10 and 11.
Youth optimism defies expectations
Dean Pearson, NAB's Head of Behavioural and Industry Economics, said the most surprising finding from the report for him was how optimistic young Australians really. are.
"It’s not hard to find studies suggesting Australia's youth are struggling due to a lack of resilience and positivity about the future," Pearson told The Educator. "But what emerges from this research is quite the opposite.
However, Pearson said this is not to say they’re not worried about a range of important factors.
"They’re concerned about climate change, the economy, the potential impacts of artificial intelligence, and their ability to own their own home. But these concerns don’t mean they’ve lost hope," he said.
"They’re focussed on life after school and are confident they will achieve their goals."
Young Australians' evolving aspirations
When young people were surveyed about what ‘success’ might look like for them in the future, apart from having a balanced life between work, study and pleasure, most wanted a job with high income, to buy a house, to be debt free and to have a partner, family and children.
Pearson said this suggests that today's youth aren't too different to their parents.
"These are all things their parents probably also aspired to at their age, although perhaps work life balance has become more important to young people today, particularly post the pandemic," he said.
"The other thing that really stood out is just how entrepreneurial this generation is, with a growing number keen to own their own business - if they knew how, almost one in two said they would like to. That’s up noticeably from around 1 in 3 a year ago."
Pearson said while there are several factors driving this, owning a business can offer significant control over various aspects of life, including financial security, work-life balance, and decision-making.
"These are all things that young Australians are particularly focussed on," he said. "Young people are also much more exposed today to successful entrepreneurs through social media than previous generations which is providing more role models for them to emulate."
Another driver is technology, with more opportunities to create businesses due to growing levels of digital literacy, Pearson noted.
"They also have more ready access to a wider range of tools and platforms to enable then to launch and grow their businesses, including crowdfunding," he said. "I also think many young entrepreneurs are motivated by a desire to make a positive impact and see owning a business as the most direct way to influence social change."
Pearson said young entrepreneurs have a much greater capacity to accept change - a key ingredient that builds resilience and success.
"In the current economic environment, and particularly given the expected rollout of AI over the next decade, adaptability, innovation, and the desire to constantly learn, are set to become even more crucial."
Gen Z dreams becoming reality
French trained pâtissier, restaurant owner and young entrepreneur, Morgan Hipworth, is an example of the next generation of business owners in Australia with the drive and hustle necessary to have a go at starting a business—with startling success.
Hipworth began his culinary journey at age 15 and in less than a decade he has founded both Bistro Morgan and his Mediterranean restaurant Maven by Morgan.
“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,” he said.
Deputy Headmaster of Brighton Grammar School, Dr Ray Swann, who also leads the school’s education research centre, said the optimism reflected in NAB’s research correlated with what the school is also seeing amongst today’s students.
“The NAB research aligns with our own findings that young people hold hope and optimism for the future,” he said.
“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.”