Helping Your Child With Their Student Finances And Any Worries Over Student Money

If you are anything like me, you never think your children are going to grow up. Unfortunately though, they don’t stay little forever and they grow up in a blink of an eye.

Before you know it they have completed primary school, moved through high school, sixth form and they are planning to go to university. It’s a scary thought that they will be leaving home for the first time and being totally responsible for themselves. Of course you have to let go of your children and let them find their own path in life. As my mother once said to me, your children are only on loan. At the time I wasn’t sure what she meant but now I completely understand.

I have teamed up with HSBC who have recently carried out research to show how young people who are planning on going to university worry about their student finances and how they are being impacted by the rising cost of living and how it is worrying them. In fact, the research found that half of Britain’s students (54%) have said that financial concerns are having a negative impact on their mental health. This includes 43% saying that they were feeling anxious, 42% were stressed and 41% were worried. Another worrying aspect was almost half, 45%, said their diet had suffered and almost the same amount were losing sleep thinking about money which is particularly bad considering they are trying to study and get good results from their university education.

Nearly 1 in 2 prospective students (45%) say they have switched their choice of university because they are worried about the cost of living.

The new research also brought to light a very worrying statistic that nearly half (46%) of the student population feel they have not had enough education on how to budget. This is definitely something that in my opinion needs to change. High schools need to set aside time to teach young people about budgeting money so as they approach adulthood they are more capable of budgeting their money. The survey also showed that 55% of prospective students would welcome advice and tips from their bank.

The research from HSBC also highlighted how prospective students are coping with rising costs and have started to cut back by shopping at cheaper supermarkets (47%). They are also cutting back on takeaways, even reducing a classic student takeaway like pizza (46%) and just generally buying cheaper ingredients so their money goes further and they don’t run out of money.

As I previously mentioned, it’s a scary time for prospective students as they embark upon their university life and it’s not made any easier by having money worries. The survey also highlighted that students who received money from family received on average £352 a month because of the rise in the cost of living this has now risen by a fifth and they are receiving an extra £80 per month.

The top three reasons prospective students choose their university are quality of course, university reputation and proximity to home. What is worrying is that nearly half are changing their university because of financial worries.

Do you have a child going to university? Are they worried about money and finances? I would love to hear in the comments below.