Managing finances one of the most challenging aspects of starting university

New research from the Post Office has found that four-fifths of students (82%) feel that non-academic responsibilities interfere with their ability to attend lectures or complete assignments.

Nearly half of students (49%) will handle their life admin for the first time when starting university with many finding that managing finances is the most challenging part of university – more than adjusting to the workload or maintaining mental and physical health.

The research uncovered that 43% of university students report to having a side hustle whilst at university, spending on average three hours running their ‘side hustle’, of those who have started side hustling and/or selling items online, 34% say they most need support with banking services (business bank account, invoicing and payment processing, accounting software, cash access)

Over half of university students surveyed 2(58%) wish they had someone to assist them with life admin tasks on campus, while many put side hustle plans on hold due to perceived lack of support

Managing finances and budgeting is the most challenging aspect of starting university, while a quarter (25%) find it impossible to balance academic responsibilities with their vibrant social life. The research found that for nearly half of university students surveyed (49%), starting university will be the first time that they will handle their own life admin.

Over a tenth (13%) find general life admin tasks most difficult and four in five university students (82%) believe that non-academic responsibilities interfere with their ability to excel academically by getting in the way of attending lectures or completing assignments.

On average, students spend just seven hours a week studying and attending lectures, with significant portions of time dedicated to socialising, working part-time, and managing their life admin.

A third of students surveyed (33% would prefer to spend less time on managing their life admin (between 1 to 3 hours) so they can focus their attention elsewhere, with over half (58%) wishing they had someone to assist them with life admin tasks on campus.

Jonathan Freezer, Post Office Supervisor at the University of East Anglia Post Office, runs a Post Office on campus. said “We see 800-900 students come in through our doors every week, some of whom are sending a parcel by themselves for the first time or some who are new to the country and need a little extra help and we are always here to help them with their everyday mailing and banking needs. Another benefit we can offer students is a special exchange rate, which is beneficial if any of their courses require overseas trips.

“It’s really rewarding seeing the way the students develop and progress over the period of time they study. With them using us regularly we get to know them and develop a relationship with them. We also have some students working part-time within our branch, so it’s good to be able to pass on skills, and great for their CVs”.

Mark Eldridge, Postmaster Experience Director at Post Office and serving Postmaster said “The start of university ushers in an exciting period for students, but it also brings with it additional responsibilities as new students grapple with living on their own for the first time, managing their own life admin and progressing their side hustles to help pay for university life.

“As a postmaster, I’ve seen firsthand how helpful cash withdrawal and balance services can be for students who are managing personal finances and budgeting for the first time. Post Office branches and postmasters are always here to help ease the burden of life admin tasks for students. From paying bills or updating your passport for the first time to a one stop shop for all your parcel needs, Post Office is here to help you spend more time on the things that truly matter.”