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from: University Students Face 'Tight' Financial Situation
Steve Smith
With the new university term in full flow, both students and
parents alike are being reminded of the financial anxieties
higher education can bring.
In research carried out by Abbey, nearly a third (330,000) of
students are due to start the academic year without any form of
insurance to protect their possessions. Out of these
respondents, an estimated 154,000 people have either not taken
the time to think about getting cover or do not see their
belongings as being worth enough money to warrant such a
purchase. Meanwhile, 99,000 did give insurance consideration but
stated that they had forgotten or ended up using the money
originally intended to make such a purchase to buy something
else, while some 77,000 claim to be unable to afford cover.
However, with the typical student taking 3,300 pounds worth of
belongings with them to university, those without insurance may
find financial pressures upon them rising if they are forced to
meet the full costs of replacing items should they become a
victim of theft. As a result, this could cause them to struggle
in meeting demands on other areas of their finances, such as
credit cards and loans. Meanwhile, the study showed that a tenth
of students are taking goods valued at more than 5,000 pounds.
Prasad Shastri, head of insurance marketing for the financial
services firm, stated that although the cost of higher education
can put pressure on consumers' spending, which may extend to
other areas of their money management such as personal loans in
later life, by not getting insurance they could be left open to
greater financial risk.
He said: "Even though finances can be tight while at university,
with a potential total value of belongings in excess of 3,000
pounds, students should not be viewing insurance as an optional
extra, but as a necessity. Over 60,000 students believe the
value of their belongings does not justify buying insurance, but
we find many people are shocked with how much their belongings
are actually worth. For the one in five students (19 per cent)
who are hoping to rely on their parents' policy for protection,
we would also advise that they double-check this as they may not
actually be covered."
The most popular item to be found in a student's room is a
computer, with 95 per cent of students owning such an object.
Books came second in the poll as they are in 92 per cent of
respondents' rooms. Meanwhile, TVs and stereos account for 61
and 53 per cent respectively, with musical equipment making up
27 per cent.
In related news, it has recently been suggested that those
attending university for the first time should be offered
guidance on how to manage their finances effectively. Last
month, a spokesperson from the National Union of Students
reported that as they are now living away from home and have
access to forms of borrowing such as credit cards and loans,
young adults should be taught the importance of creating a
budget, how best to pay off their bills and other demands on
their finances. And as a result of doing so consumers may be
able to develop a responsible attitude towards their money
management, which could mean they are in a more capable position
to make payments on secured loans and mortgages in later life.
About the author:
Steve Smith writes for 1 Stop Finance Shop. A one stop shop for
all your loan requirements, from
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