More than 300,000 A-level students in England, Wales and Northern Ireland got their results today.
Many of them will be going to university later this year, and financial education charity
pfeg(
Personal Finance Education Group) has called on parents to use what might be their last opportunity to talk to them about how they will manage their student finances.
Tracey Bleakley, chief executive of
pfeg, said:
“For most new students celebrating their A-level results this week, starting university will be the first time they have had to manage their own personal finances.
"It’s crucial that they know how to make that first student loan instalment last the entire term, and manage their money well throughout their course.
“Parents have a key role to play in helping their university-bound children learn how to manage their money as new students.
"The next few weeks may well be their last chance to have ‘the money talk’ – we would strongly encourage them to take it.”
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pfegis offering university-goers five top tips for student money management:
1. Budget your student loan payments
“It can be all too easy to blow your first student loan instalment in the first few weeks of term. Make sure you have planned ahead by looking at how much you will have coming in and what you will need to spend your money on.”
2. Prioritise your spending
“Once you know how much you have coming in and what you will need to pay for, it is crucial to prioritise your expenditure. Make sure you can pay high-priority items, such as accommodation, any utility bills, food and of course text books, before the non-essentials.”
3. Don’t get trapped by problem debt
“It might seem tempting to take out a loan or use an overdraft if you find yourself short of funds before the end of term, but be extremely careful about any borrowing you do as a student. If not planned and managed correctly, this can quickly spiral out of control.”
4. Get the best deals
“Be a savvy student! There are lots of offers out there if you take the time to look, compare prices and find the best deal for you. Make sure you also take full advantage of any student discounts wherever you go.”
5. Seek free advice
“If you need help with managing your money or you are worried you are getting into difficulty, don’t hesitate to seek free advice. All universities have Student Money Advisors who are there to help – so get in touch with them before you fall any further behind.”