Press Room

Money Matters Worry University Freshers
(27 September 2005)

With university underway for this year's intake of students, money worries seem to be at the forefront of their minds. Nearly two thirds admit that they are not prepared for the financial commitment of university compared to only 39% who have actually done some element of financial planning, according the 2005 NatWest Student Money Matters survey.

Deciding to go to university is a big step for any young person and inevitably it will bring with it worries. Money is more of a worry to this year's freshers (73%) than failing their exams (65%) and keeping on top of their university workload (65%). That said, other more social concerns are still high on their agenda. The main concerns for this year's intake are:

Students Main Concerns
Student Concerns Percentage
Money being tight 73%
Failing Exams 65%
Keeping up with workload 65%
Making new Friends 48%
Choosing the right course 44%
Losing contact with home friends 40%
Everyone being smarter 30%
Being homesick 23%
Being away from girlfriend/boyfriend 23%
Cooking own meals 12%

To alleviate money worries, 88% of first year students expect to have to work part time to finance their university education. On average they expect to work for 15 hours per week however 15% believe they will be working between 20 and 30 hours each week just to keep on top of their weekly expenditure.

Simon Turner, Head of NatWest Student and Graduate Banking, said: "Starting university should be one of the most exciting times of your life, but it can be stressful. And whilst it's clear from the results of this year's survey that money is high on the list of concerns for their year's intake, students should be aware of the wide range of support which is available to them, both financial and non-financial, from banks, the NUS and universities.

"University is an investment in your future with strong evidence that graduates have stronger earning power than those who leave school and go straight to work. So, with careful management of your money, university doesn't have to be a millstone around your neck."

NOTES TO EDITORS:

  • Simon Turner, Head of NatWest Student and Graduate Banking, is available for interview.
  • Case studies are also available on request.
  • Research carried out by Virtual Surveys Limited in May 2005.
  • 1,000 Graduates, 1,472 Students and 1,006 sixth formers were surveyed.

Media enquiries:
Caroline Harris
NatWest Media Relations
Tel: 020 7672 1931
Email: caroline.harris@natwest.com