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Students should be offered more financial support to avoid debt

Students at university struggling to fund their lifestyle with their  balance should be provided with greater levels of resources in order to help them better manage their finances.Many scholars often...

Students at university struggling to fund their lifestyle with their  balance should be provided with greater levels of resources in order to help them better manage their finances.

Many scholars often find the transition into being in complete control of their finances tough and could therefore resort to options such as  or  to make ends meet.

Therefore, it could be important for educational institutions to offer their students more support in terms of money to make sure they are fully aware of the responsibilities they face when leaving home for the first time to help them avoid debt issues.

That is the opinion of Andrew Hagger, spokesman for Moneynet, who said there "needs to be a little bit more education from the universities themselves".

Mr Hagger went on to say that this need not be a huge commitment from the universities, just "half and hour or so when people first join" to "explain to them a little bit about managing their money and making it last".

He added that giving attendees "an idea" of the costs they are going to incur throughout their time studying would provide them with a firm financial footing moving forward, possibly meaning that they resist the temptation of taking out credit.

This follows on from a study conducted by the Student Loans Company published last week (March 16th 2011), which noted that female students are often more frugal then their male counterparts when purchasing items of clothing and also save some £380 annually in comparison to men when buying food and paying mobile phone bills.

The Moneynet official went on to say that the global economic downturn has also undoubtedly had an impact on student finances.

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