Students underestimating financial future debt

31/10/2011

Students appear to be underestimating the amount of debt they are likely to be faced with, according to a new survey by Friends Life.

Out of the teenagers questioned for the survey, it was revealed that girls were more realistic about their prospects with regard to dealing with their finances during and after university.

64 per cent of girls said they were planning to work while studying to supplement their income, compared with only 46 per cent of boy. Furthermore, 66 per cent of girls expected to have to do unpaid intern work in order to eventually get a paid graduate job, compared to only 57 per cent of boys.

Typically, however, the starting salary expectations for both girls and boys were unrealistic, with girls anticipating earning £23,000 in their first job and boys £24,500. The typical first job annual pay is, in fact, £20,000 on average.

Rob Barnett, Human resources director at Standard Life, told ClearDebt: “Our research shows that both young men and women have unrealistic expectations about salary so it is important they start thinking carefully about their financial future.”

Tags; Current UK Economy, Debt Management and Banking, Recent Graduate Debt,

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