Savvy Students: How students are more money-wise than full time workers
12th August 2013
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In many university guides you will be given tips on how to save money for the future - and according to a recent survey we have been taking these tips on board.
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The survey, by finance company Standard Life, was conducted on workers, students and retirees and asked several questions on aspects on finance. These questions showed that students were better at some financial aspects than workers.
36% of students apparently set themselves a budget for the week or for the month, which was three percent higher than workers.
Julie Russell, a financial expert at Standard Life, said: “Students, who are young and perhaps still have lots to learn about managing money are doing really well too, particularly when it comes to budgeting.”
32% of students also claimed that they bought second hand items either from online or from shops - however they were only one percent higher than workers on this issue. 47% of students also use comparison websites to see the best price on products - two percent lower than workers.
However students are still at risk of creating debt for themselves, as even though 48% apparently do not try to spend what they don’t have, 80% questioned didn’t regularly check utility providers and tariffs in order to save money.
Standard Life also claimed that they were worried about the lack of students who didn’t pay off their credit cards each month in full - only 18% do. This is incredibly low compared to workers, where 37% pay on time and the full amount. However they have also claimed that it is probably because most students do not have or use credit cards in order to avoid running into debt.
Russell adds: “The important thing is that whether we are busy with work or not, we take time out to plan our finances so we can make our money go further. And when we are able to save money for our future, do that in a smart way too.”
The survey, by finance company Standard Life, was conducted on workers, students and retirees and asked several questions on aspects on finance. These questions showed that students were better at some financial aspects than workers.
36% of students apparently set themselves a budget for the week or for the month, which was three percent higher than workers.
Julie Russell, a financial expert at Standard Life, said: “Students, who are young and perhaps still have lots to learn about managing money are doing really well too, particularly when it comes to budgeting.”
32% of students also claimed that they bought second hand items either from online or from shops - however they were only one percent higher than workers on this issue. 47% of students also use comparison websites to see the best price on products - two percent lower than workers.
However students are still at risk of creating debt for themselves, as even though 48% apparently do not try to spend what they don’t have, 80% questioned didn’t regularly check utility providers and tariffs in order to save money.
Standard Life also claimed that they were worried about the lack of students who didn’t pay off their credit cards each month in full - only 18% do. This is incredibly low compared to workers, where 37% pay on time and the full amount. However they have also claimed that it is probably because most students do not have or use credit cards in order to avoid running into debt.
Russell adds: “The important thing is that whether we are busy with work or not, we take time out to plan our finances so we can make our money go further. And when we are able to save money for our future, do that in a smart way too.”
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