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from: There Is A 'Definite Need' For More Education On Finances
Tom Dawson
Young people attending higher education need more financial
education, an industry expert has declared.
Speaking earlier this week, Becky Boden-Wilkes, spokesperson for
the National Debtline, claimed that those going to university
for the first time are becoming evermore used to a culture of
borrowing. With debt now "an expected way of life" for those
from the age of 18 onwards, owing money is something young
Britons are no longer frightened of, but instead see having a
loan or overdraft as "acceptable". As a result, she reported
that those completing university are set to leave some 15,000
pounds in the red.
Overall, she claimed that attending higher education can be
"very expensive" as a result of numerous expenses such as
tuition fees and rent costs. "There are all those set up costs
of moving out for the first time. There are lots of reasons why
young people are more susceptible to debt," the representative
commented.
However, she said: "It's not seen as anything to be worried
about, because it's student debt and hopefully you're going to
increase your earning potential in later life, but it gets you
used to being overdrawn." Despite this, Ms Boden-Wilkes urged of
the need for greater financial awareness to be promoted among
students, especially those living away from home for the first
time.
She reported that those just starting university may find
themselves under "difficult" pressures to spend high amounts of
money. During freshers' week, the National Debtline
representative claimed that the initial period of higher
education is all about going out, making friends and meeting new
people. And although this may at first seem fun, by consistently
not keeping a track on their spending, undergraduates could well
see themselves struggling with their money management both
during and after university.
Consequently, it was stated that providing financial advice as
they begin higher education could aid young people in becoming
more proactive in handling their money. One particular method by
which this could be done is in the drawing up of a budget which
could see consumers establish how much disposable income they
have at the end of each month, as they can see their level of
regular expenditure in addition to what money they have coming
in.
Ms Boden-Wilkes asserted: "There definitely needs to be more
talk about budgeting and people working out what they need each
week. Then you know what you can spend rather than spending it
all in the first few weeks and not really having much to live
on." As a result, it is possible that doing so may help students
take a more responsible attitude towards paying back personal
loans and servicing other areas of their finances in later life.
The news comes after a report carried out by This is Money
reveals that the interest charged on student loans has increased
from 2.4 per cent to 4.8 per cent in the 12 months leading up to
March this year. Due to facing increased student loan costs upon
graduation, consumers may see pressure on their money
management, for instance paying off personal loans, rising. As a
result, those people concerned about their ability to manage
their finances may wish to consider taking out a debt
consolidation loan as a means of combining numerous debts into a
single low-rate loan repayment.
Overall, some 12.7 million adults have opted for a personal loan
as a means of getting to grips with their finances. However, Tim
Moss, head of loans and debt for the price comparison website,
warned those thinking about getting a debt consolidation loan
against going further into debt, as some two-thirds of such
borrowers will eventually go deeper into the red.
About the author:
Tom Dawson writes for Essentially
Our visitors can apply online for
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