One in Ten Students Blow Over £2700* Within First Fortnight of Term - Seite 2

Dr Thomas Webb, a social psychologist at the University of Sheffield and Chair of the Institute of Inertia, said:

"This research clearly points to the challenges that students encounter when managing their finances whilst at university, with more than half of students spending their loan before the end of term. This finding likely attests to the often-cited 'gap' between peoples' good intentions -  in this instance, to make their money last - and action.  

"However, the survey also points to the need for strategies to support students, with University often the first time that they gain financial independence. The Student Loans Company's policy of providing the loan to students for the first term in one lump sum - rather than in instalments, which four fifths of students said they would prefer - no doubt contributes to the difficulties that students face in making their money last." 

When it comes to sensible student spending habits, parents are optimistic that "studying comes first", with more parents believing that their child spends their student loan on books (34%), rather than booze (31%).

However, over a quarter (29%) of parents across the UK believe that their children have lied to them about what they are spending their student loan on (just 19% of students admitted to lying to their parents). Highlighting a difference in opinions between the heads of the household, almost a third (32%) of dads thought that their child/children had lied to them about their university spending, compared to a quarter (26%) of mums.

Looking beyond university, the survey also found that students are more pessimistic than their parents about being able to pay off their student loan; one in three (29%) thought that they would "never" pay off their student loan - a possibility that just 12% of parents agreed with.

Jody Baker, Head of Money at comparethemarket.com, comments:

"For many new students, their first student loan deposit is likely to be the most money they have received at one time and while a majority say they feel confident managing their finances, their bank balances at the end of the term or the need to rely on the 'Bank of Mum and Dad' state otherwise. What's more worrying is that parents think that their children would benefit from financial advice yet many aren't leading conversations in this area - a small move that could make a big difference to how money is managed during term time."