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     528  0 Kommentare One in Ten Students Blow Over £2700* Within First Fortnight of Term

    LONDON, August 25, 2016 /PRNewswire/ --

    New poll of students and parents reveals financial challenges facing UK students during the first term

    • Over half (51%) of students spend their student maintenance loan before the end of the first term
    • Over two thirds (68%) of students admitted to needing financial support from their parents
    • One in three students expect to "never" pay off their student loan
    • A quarter of parents (25%) have never spoken to their children about managing their finances at university

    As students across the UK are primed to start the university year, new research from the Institute of Inertia -a partnership between the University of Sheffield and comparethemarket.com - has revealed the extent of their spending habits, with a staggering one in ten (11%) set to spend their student loan (the equivalent of £2700*) within the first two weeks of term; more than half (51%) to spend it all before the end of term; and a quarter (28%) to fall into their overdraft.

    The new survey polled students and parents of students currently at university and found that, despite the appearance of their bank balance by the end of the term, students are surprisingly self-assured when it comes to their financial management skills.

    In fact, 89% stated that they feel confident when it comes to managing their student loan, which they receive three times a year (once a term) to cover their living costs. However, a large majority of students said that the lump sum student loan deposit wasn't the ideal format, with four in five (80%) stating that they would rather receive this payment in smaller instalments throughout the term.

    To counter any lack of financial management, the same poll reveals that students are relying on family ties to help get them through tight times during the term, with two thirds (68%) turning to the 'Bank of Mum and Dad' for financial support.

    While this parental financial support might provide temporary relief to stretched students, the difficulty many are having with managing their finances - resulting in a range of subsequent financial issues - could stem from a lack of basic money skills. While a quarter (25%) of parents admitted to never having spoken to their children about managing their finances before going to university, over half (55%) stated that their child/children would benefit from expert financial guidance before going to university.

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    One in Ten Students Blow Over £2700* Within First Fortnight of Term LONDON, August 25, 2016 /PRNewswire/ - New poll of students and parents reveals financial challenges facing UK students during the first term Over half (51%) of students spend their student maintenance loan before the end of the first term Over two …