Lloyds TSB Research Shows Students Are Struggling To Fly The Nest
on: August 3, 2009, 5:18 am
Author: Lloyds TSB
survey by Lloyds TSB Student Banking has shown that almost half
(47%) of young people starting university degrees this autumn
believe they will be the most financially disadvantaged students
for many generations.
survey of more than 1000 17-25 year olds who plan to go to university
this year showed that those going into higher education have a
bleak outlook on the financial costs of the course. Almost one
third (31%) of those questioned said they thought that the costs
of going to university would soon outweigh the benefits of a degree.
same percentage - up from 27% in 2008 - is looking to stay at
home to save money, meaning they will miss out on their first
taste of independent living. The Lloyds TSB Student Banking research
also revealed that almost a quarter (24%) of students believes
that getting into debt while they study debt is inevitable because
of the state of the economy. To compound their fears, one in five
(20%) believes that it will be difficult to find a job after graduation.
McGrath, director of current
accounts at Lloyds TSB, said: "It's no surprise that
in the current economic climate young people are thinking about
how their university career will affect them financially and are
considering the ways to make their money work harder.
important that students-to-be concentrate on their studies and
don't spend unnecessary time worrying about the future. Therefore
picking the right bank
accounts, using sound money management techniques and considering
part-time work are all important steps that will help students
manage their finances during their degree course."
the majority students-to-be said that they relished the opportunity
to manage their own money, more than a quarter (28%) of potential
freshers admitted to being worried about managing their own finances,
with 25% saying that they hadn't received any financial guidance
in advance of starting their course.
financial expert, Alvin Hall, commented: "The current economic
climate is very daunting for young people, many of whom may be
wondering whether spending money on their education really is
the best bet.
people need to remember that a degree is an investment in themselves
and that sometimes it takes a while for that investment to pay
off. In the meantime, they need to do everything in their power
to make every penny count and ensure that, when they are standing
on their own two feet as graduates, they can look back on their
studying and spending without regrets."
Lloyds TSB offers customers a wide range of current accounts,
accounts and credit
cards, investment and cash ISA accounts designed to meet different
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