Recent research carried out with over 2,000 UK university students by smart thinking money app, Yolt has found that 69% of students suffer from anxiety as a result of thinking about money. A clear majority of UK university students say that there should be more access to financial education in schools (87%) and that their university should do more to talk to students about money and budgeting (82%).
The figures also revealed that 81% of students feel that they must budget carefully to afford their living costs. Furthermore, the research shows that students are relying on out-dated money management tools, with over a third (34%) still using pen and paper and 32% even calculating finances in their heads.
Despite the majority of students (86%) being aware of various financial information services being available through their university, almost a quarter (24%) have never used them. In a time when students have never had so many opportunities to spend, it is clear that they need the right tools to ensure that they’re not relying on out of date methods of money management.
Additionally, the research showed that discussing financial matters is no longer the taboo it once was, with two thirds (75%) being comfortable seeking advice from their family and 71% saying they would talk to their friends about money.
Cristel Lee Leed, CMO, said “The research suggests whilst universities are providing financial education, students just don’t seem to be taking it up, so these vital services aren’t being fully utilised. It’s important financial education and money management is seen as essential life skill, as spending is becoming so easy and we all have a duty to ensure students feel educated and empowered when it comes to managing their finances.”
“There are many free apps and web-based services available to support students and anyone with a desire to improve their financial education, empowering them to manage their money more efficiently. At Yolt, we believe financial education is essential and are committed to making it as innovative, accessible and enjoyable as possible.”