New study comes in the wake of findings that four in 10 undergraduates are rethinking their careers due to the pandemic
By Denis Ajuntanti
One in 10 university students are already running their own business — alongside their studies.
Researchers found 162,000 undergraduates have a side hustle on the go, up from 108,000 in 2018 — a 50 per cent increase.
And on average, each venture turns over £411.67 a month — around £5,000 a year or almost £15,000 in total over the course of a three-year degree.
The study of 1,000 undergraduates commissioned by Santander found another 18 per cent of students have plans to begin their own business venture in the near future.
This means 27 per cent of current undergraduates either have a business up and running or intend to start one in the coming years.
But just 16 per cent of those who have set up their own business were motivated due to a lack of money, with a third influenced by their family and one in five by their friends.
A third simply built up a hobby or personal interest while 10 per cent wanted to be their own boss.
It comes after the study also found more than four in 10 university students are rethinking their careers in the wake of the pandemic, as 78 per cent fear Covid-19 will impact their job opportunities once they graduate.