You are here: Home - Saving & Banking - News -

University challenge

0
Written by:
20/09/2006

As fees soar and student debt grows, undergraduates are finding that university involves a lot of hard work outside, as well as inside, the classroom. Pauline McCallion reports

Research published this week by financial advice site, student-debt.org, has revealed that 50% of those students that have to leave their course do so because of financial difficulties. Those who stick with their studies can expect to leave with £15,000 of debt on average and, to make matters worse, 58% earn less than they expected to following graduation.

In order to make it through their time at university, 81% work during the summer holidays and nearly half (45%) work at least 16 hours per week in order to make ends meet while studying. More than 1 in 10 (11%) students are forced to claim a hardship loan and 19% receive hardship grants while at university.

The financial pressures extend beyond the students themselves, as student-debt.org found that 58% of students receive at least £5,000 from their parents or guardians during the course of their studies.

Such financial pressures, however, did mean that many students learn how to draw up and stick to a budget while studying, undoubtedly a valuable discipline to have. Of the 450 students surveyed by student-debt.org, 58% reported that they drew up a budget to help them manage their finances. Women are more financially savvy than men, according to the survey, with 61% budgeting compared to 55% of men. And 82% of students take advantage of the wide range of specialised banking facilities available to them by opening a student bank account.

A spokesperson for student-debt.org says: “The financial pressures associated with a course of higher education should not be underestimated. These results show that university is as much about hard work outside the classroom as within it. The majority of students do budget, but if they are to emerge from university financially stable, it is increasingly vital that they are well educated about how to manage their money.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Save story 1

Close