Final year students 'face greatest financial pressure'

11/09/2009

Students face increasing financial strain in their final year at university, due to a combination of extra costs and "poor financial decisions" in the first two years of their degree, a new study has found.

The report by HSBC and the National Union of Students (NUS) said over 40 per cent of those in the final year of study have to take on a job to ease their money worries, compared to 26 per cent of first year students.

Overall, the survey found 59 per cent of undergraduates rely on their parents for financial support, with 29 per cent saying they would not be able to afford university without it.

To keep finances in check, HSBC and the NUS said students should look for money-saving features like interest-free borrowing instead of freebies and gimmicks when choosing a bank account.

They should also stick to a budget, look for student discounts and avoid making "luxury" purchases with a credit card.

In addition, university goers should think twice about getting a car, as they can be expensive to run, insure and maintain.

Recent research by Halifax found the average student's term time living costs have increased by five per cent since last year to £193.50 a week.

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