It’s time to talk cash as students head to university

The figures come from a national charity urging parents to speak to their children about how they plan to manage their money.

Financial education charity pfeg (Personal Finance Education Group) has urged parents to “seize this last chance” to discuss with their children how they will manage their student finances, in a bid to prevent them falling into financial difficulty.

The charity, which offers free financial education resources and support to schools in Luton and the local area, says that parents have a “key role to play” in teaching their children about how to manage their money at university. 
Tracey Bleakley, pfeg (chief executive, said: “For most new students, university is the first time they will have managed their own money – and it’s crucial that they know how to make their first student loan last the entire term.

“The government-backed Money Advice Service’s guide, ‘Managing money as a student’, is a great place for parents and university-goers to start.

pfeg is offering 5 top tips for Luton’s university-goers:

>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.

> Prioritise your spending

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.

> Don’t get trapped by problem debt.

It might seem tempting to take out a loan or use an overdraft, 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.

> Get the best deals

Be a savvy student! There are lots of offers out there if you take the time to look.

> 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.

More information on the free resources and support available is available from www.pfeg.org