I enjoy a bit of 3d modelling here and there as a hobby but is it really worth putting some effort in? My parents say that its not a solid career since big companies will just hire people in asia to do it for half the price (transformers triology etc.) Is this true or half true? and if it is a solid career path then what are the sections (vfx, gaming etc.) with the most demand? 
Thanks
It depends, Do you want to work for a huge studio OR be part of a small team? How far are you willing to take your hobby is what you need to ask yourself.
Your parents can be right but they are overlooking how fast computers are accelerating. Now more than ever people are starting to trust people over faceless corporations. That opportunity is still very new and Blender is made with that small studio in mind.
Blender is a great learning/exercise tool but you wonât find many professionally huge companies piled in a room using blenders to produce.
Is this true or half true?
Half true, Iâd say. If you are really good at what you do, and stand out of the crowd in terms of freelancing or find a market niche that fits you well, you could make some decent money if you are smart financially.
VFX studio? Right now, horrible idea. Later on, who knows?
Half-true. It can be a tough industry to break into, but 3d Modeling is a lot more vast than Hollywood VFX and games too.
Advertising, logos, product packaging, toys, illustration, web development, ArchViz⌠all this sort of stuff utilizes 3D modeling. Next time youâre out and about pay attention to the ridiculous amount of graphic work in the world around you. T-shirt designs, the pictures of hamburgers on a food menu, the title graphics on a TV show, illustrations in instruction manuals - these things all require graphic artists and even local companies are always in need of it.
Thatimster - Train yourself in Drawing and get some degree of knowing fine art! Get a degree in some other formal education that can give you a day job. Then when you get in 3D and Fine Art good and really good and your income from fine art will rocket then you can quit your day job.
Make a portfolio!
XRG is right , but you must find what you like more : - an artist can paint but can love to do Jewelry Design , - an artist can draw perfectly but never be able to Jewelry design and any 3D art.
Get your skill up , get a day job , construct your mind to think like a designer and then you can chose what goal to have.
It is not about the clients that pay , it is about you giving something original and mind blowing that make others look o.O and stare , and believe me some little ideas that you think are stupid are in fact what your clients will dream , and the smartest ideas comes from practice.
3D Modelling only -> is not a career -> everyone can do it! Any hungry person can do it for cash! (That is why your parents say what they say)
Fine art -> Designer -> is a career where you can design your site , your car , your home ⌠in the end is only your skill that matter. This one only few can do it.
And yes lots of starting artist started with a normal day job until they rise to the skill they need.
no matter what you do it can/will be done somewhere else for less
work at what your good at
if you work at your hobby you need a new hobby 
âDo what you love doing, be the best at it, find someone to pay you to do it.â Is old advise but still holds true I think.
The main problem with CG as it stands today is that it is âlabor-intensive craft work.â Thatâs very likely to continue to change. Your best bet is to diversify what you study: donât try to become the master of just one thing and specialize in that one thing at the exclusion of everything else. (For one thing, even something that enraptures you right now can become ⌠boring.)
So, what do your parents want you to do, and how do they know their choice wonât get superseded by something else?
My father convinced me (25 years ago) computer programming was a poor choice for a career; itâs still valid now and there appers to be no end in sight.
Itâs pretty safe to say that whatever you chose, youâll likely find yourself retraining to keep yourself current or even changing career.
As age span increases retirement age is also going to increase; I can see it being 70, 80 or even higher as the time progresses; so not only is it, will that career you started at eighteen be around when youâre seventy, but will you actually still want to be doing it after nearly sixty years - folks like a change. Certainly try to get a degree of some sort from a reputable source; companies like them, irrespective of their relevance. I recently saw a documentary - medical in nature, and I was surprised to discover a medical company employed skilled artists. Why? To paint the iris for artificial eyes; the detail required was amazing. 
My advice is think carefully and follow the path you think will give you the fewest regrets. Good luck with that one. I donât mean wishing youâd followed a different path, but regret for not even following your dream.
Basically, if you donât follow your dream, someone will pay you to follow theirs.
Absolutely. You just have to look in the right places.
Working for a major studio = hard.
Working freelance = easy.
Working freelance and making a living = hard.
Picking a video field that is dying for 3d talent = hard.
Getting a job in that field after you find it = easy.
My advice, if you enjoy it as a hobby, keep it as a hobby. Once it becomes a job, itâs a job. What makes it icing on the cake is pick a field where you occasionally need to use it (science, engineering, etc.). You wonât have to bust butt to keep your head above water, but you still can tie in your passion and use it to put yourself in front.
Mind you, Iâm not saying donât chase your dream. You can be anything if you are willing to work and sacrifice for it, but only you can know how committed to it you are and what lifestyle you are willing to accept to be it.
Hi - I work for one of the largest, most successful and fastest growing CG providers in the UK. Some of what people are telling you here is correct, but Iâd also tell you that almost all of our (dozens) of long term 3D artists are enjoying fulfilling, challenging careers. Yes, some studios get basic modelling and volume creation done abroad, but in house we need team players who communicate with one another to create incredible work. Any studio that does ever outsource anything will have only the most basic work done by someone else - all the REAL work comes in texturing, detail creation, lighting, rendering, and post production. You canât get that done the way you want unless you can speak directly to the people doing it.
It can be a great career, but know this - youâll work very, very hard hours in many cases and youâll need to know not only a leading 3D system or two but also After Effects, Photoshop, and a number of other pieces of software to be really useful in any studio. I wish you well!