Survey reveals 4-in-5 students worry about money at university
The student money website Save the Student recently revealed the results of their National Student Money Survey for 2013, in which some shocking results were revealed regarding students’ relationship with money.
The headline figure showed that, out of the 2,332 students surveyed, just under 4 in 5 are worried about money with a further 55% revealing that it is affecting their ability to study.
In addition, 60% are worried about repaying their student loan mostly down to the fact that over half of the respondents claiming that they did not fully understand the repayment conditions. Whether this is due to lack of information or otherwise, it does not make for healthy reading.
So, where do students in financial difficulty head to earn extra funds?
Two-thirds of students are currently either in part-time employment or are looking for employment as the cost of living rises.
Shockingly though, 1 in 5 students that took the survey admitted that they have turned to gambling as a way of making money with a further 2% admitting to turning to Payday loans.
NASMA, Save the Student and other organisations supporting the financial welfare of students, are disappointed to see that some students feel as if they have to turn to these methods to make money. Especially when there have been so many campaigns against the recent marketing activities of these irresponsible lenders.
You can see the full results of the survey here, or in the infographic below.
Any students in financial difficulty are encouraged to get in touch with NASMA or their university money advice centre (find contact details for yours here).
You can also use websites such as Save the Student who provide everyday money saving advice and offer a free ebook download to students, The Essential Student Guide to Finance.