I think when you have a child who is passionate about their desire to be a performer, it is a wonderful thing to allow them to study it in college and give the profession a try. If it is truly their passion, i think they would always live a life filled with regret, or a life of wondering “what if I had…” if they don’t at least give it a try.
The fact is, most of these kids will not have long performing careers. But the skills they develop during their college training will be useful in many fields whether they are giving a presentation in a corporate board room, arguing points of law, practicing their bedside manner or teaching a group of children. A theatre degree is useful even if you don’t end up performing. There are so many directions they can go. And if they insist on a life in the theatre, but performing is not happening, they can also find many non-performing careers within the industry, many of which are lucrative and stable.
So if your child feels that strongly about a theatre degree, I would let them go for it. Like with any degree, some will decide in college that this is not the path for them. Others will find it difficult to find a job upon graduating. Still others may have a career transition at some point. But these things are not exclusive to theater majors. This is all a very normal part of life.
So, even though the numbers are daunting, for me, I say, be realistic about the prospects. But go for it if it’s what you really want.