TORONTO, ONTARIO--(Marketwired - Sep 6, 2013) - The entrepreneurial spirit is alive among young Canadians, according to a report released today by BMO Bank of Montreal. The report revealed nearly half of Canadian students (46 per cent) see themselves starting a business after graduation, whether as a primary or secondary source of income.
The survey, conducted by Pollara, asked Canadian post-secondary students about their aspirations to own a business and their career prospects. The results show that only one-third (29 per cent) are very confident they can find a job in their own field after graduation.
"Our research tells us that a number of students are unsure if they will end up working in their field of study. The good news is, this means they will look to other post-graduate opportunities as a form of income - which could include starting a business," said Steve Murphy, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "It's encouraging to see Canadian post-secondary students and recent graduates who are ambitious, innovative and eager to contribute to Canada's economy."
According to Statistics Canada, approximately 130,000 new small businesses are created in Canada annually. These businesses are the key to creating driving employment, with more than 40 per cent of Canadians working for an organization with fewer than 100 employees.
The results also showed:
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Males are more likely to start a business than their female counterparts (53 per cent versus 40 per cent)
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Only seven per cent of students expect to work in the family business
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Male students are much more confident they will find a job in their field than female students (38 per cent versus 22 per cent very confident)
Regional Breakdown
From a regional perspective, the survey found that those in British Columbia are most likely to start their own business, followed by students in the Prairies.
| Total | Atlantic | Quebec | Ontario | Prairies | Alberta | B.C. | ||||||||
| Start business after graduation | 46 | % | 42 | % | 46 | % | 47 | % | 49 | % | 41 | % | 50 | % |
BMO offers a free* banking option to students, and is the only bank to extend this offer by a year for graduating students. A BMO Student Line of Credit, which charges interest only on what is actually borrowed, allows students to use as little or as much as needed up to their approved credit limit. In addition, students can make interest-only payments while in school and up to one year after graduation. Plus the no-fee BMO SPC credit card provides students with Student Price Card (SPC) discounts at hundreds of retailers and restaurants across Canada and offers a choice of CashBack or AIR MILES reward miles.