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University students

Students! You can change your financial situation

Keeping control of your money as a student can be daunting. It can feel like there’s so much you have to spend money on, from accommodation to books – and the all-important social life, too. For many, this can leave you feeling anxious or low.

Our Financial Capability Strategy reports that, of students surveyed, 14% constantly struggle financially – leaving 86% who are either comfortable or ‘just getting by’.

Furthermore, 66% of 18-24 year olds tell us they are anxious about their financial situation, in comparison with an average of 46% of all UK adults.

The NUS (National Union of Students) also reports 1 in 5 students consider they have a mental health problem or wellbeing issue, such as with sleeping or motivation.

These figures don’t have to stay this way though. Nearly half (48%) of young adults aged 18-24 believe they can make a difference to their financial situation, and there are lots of things you can do if you know how.

National Student Money Week runs 8-12 February this year, with the theme of students, money and mental health. As part of the week, here’s what to do if you or one of your family or friends are struggling.

Need money help? Here’s what to do

Your student money advisor at university can be a great resource to help you think of ways better manage your money. But if you’ve tried making small cutbacks and they aren’t making a difference, getting free debt advice should be your next step.

There are lots of free, confidential services that can help.

 

Struggling to pay your bills?

Don’t ignore your debts if you can no longer pay your bills on time as it could affect your credit record for years to come. Your credit record could affect future decisions like renting a flat, or getting a new mobile phone.

If you are in real financial difficulty then seek help immediately.

If it feels like it’s all coming at once, knowing which debts to prioritise can also be a big help.

Mental health and money  

Feeling anxious or finding it difficult to cope isn’t uncommon and this is something National Student Money Week is looking to tackle. You may find their leaflet useful if debt is affecting your mental health.

 The mental health charity Mind also has a section on students, which you may find helpful if you are struggling with coping with student life. It gives you some informative tips on coping with academic assessments, exams, and the social side of being a student. 

 

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