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from: Students 'Need More Finance Advice'
Steve Smith
University attendees need more education about the importance of
managing their finances, a student spokesperson has advised.
According to a representative for the National Union of Students
(NUS), undergraduates are not receiving enough guidance on the
need to handle their money effectively while away from home.
Although it was stated that there are "plenty" of programmes
taking place within secondary schools teaching young people
about how to plan their finances later in life, the student
organisation stated that more should be done to help them as
they enter further education. The NUS spokesperson claimed that
such education was required as students will be becoming
financially independent for the first time and will be able to
access borrowing methods such as loans and credit cards.
She said: "We'd say they're not getting enough advice. There's a
lot of initiatives in terms of financial education for students
in secondary school which is really useful and will hold
students in very good stead later in life. But bearing in mind
that an awful lot of students when they leave to go to
university are experiencing their first time away from home,
managing bills and stuff like that - and given the pressure on
students in every other part of their life, it would seem
sensible that they were given more financial advice, especially
when there is so much open to them - credit cards, loans,
etcetera. Given all of those things are open to them, we'd hope
they'd be given better advice financially."
Meanwhile, it was suggested that those looking to take out a
product or open an account with a bank or other financial
services provider should look to avoid the "gimmicks"
institutions may offer in an attempt to "bribe students to go
there". The NUS spokesperson stated that students should
disregard such offers and concentrate on the actual features of
the product, especially on the level of interest charged. She
reported that consumers 'lulled in' by uncompetitive deals may
see pressure on their finances increasing in coming months
"especially with the commercial rate of debt".
In addition, she reported that the effects of student debt can
affect young people's ability to manage their finances in the
years after leaving university. As they have often begin
repaying their student loan at the time when "they're most
financially vulnerable"- for instance they are also starting to
think about making their initial steps on the property ladder or
raising a family - in turn such consumers could well find their
ability to service other demands on their spending, for example
paying personal loans and utility bills, squeezed further.
Consequently, those consumers who find that they are
particularly struggling to manage their finances in the years
following graduation may well wish to consider opting for a debt
consolidation loan. In doing so, borrowers could be able to
merge money owed to a number of creditors into a single low-rate
monthly repayment, which could consequently leave them with more
disposable income. This spring, Helen Saxon, from the Finance
and Leasing Association, reported that although opting for a
debt consolidation loan can be a useful way of managing their
finances, consumers should be aware of how much money they are
taking on and whether they will be able to afford making
repayments.
About the author:
Steve Smith writes for 1 stop finance shop where visitors can
apply for UK
loans and also focuses on
loansand
d credit loans for UK residents.
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