A survey by NUS and HSBC has found prospective students tend to underestimate their spending, which could spell trouble for the state of their future finances.
The students’ total underestimation of their weekly spending amounts to just under £20 - a sizeable amount on a student budget, and suggests prospective students may struggle to make ends meet.
The survey also found prospective students are more uncertain about their financial future than current students. This is partly because they receive inadequate or unclear financial advice or information. However others aren’t motivated to seek out information, or have faith they can obtain what they need.
Concern about finances and debt rise as students progress through their course, with intermediate and final year students more worried than those at the outset.
These students are more likely to have higher than expected levels of debt. Female students are also more likely to express concern about their levels of debt than males.
Finally, the student loan remains the keystone of student finances. Two-thirds of current students possess a loan to cover their living expenses, and three in four prospective students plan to take one out.
The majority of students (three in four) also rely on paid employment to boost their income, with around a third working during term-time and a half during the holidays.
Download the survey results from the media centre.