Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Indebted students fearful of falling deeper into red

Post Thumbnail

From living expenses to textbooks, it seems the cost of studying is leaving many UK students facing concerns over debt.

New research from market researcher Mintel has revealed nearly three in five (57%) are worried about the level of debt they will have when leaving university, rising to 63% among women alone.

It is not just when the mortar boards have been thrown that students are plagued with fears over funds. Three in 10 students (30%) are worried about their level of debt now, with those in their third year or above the most likely to be anxious (34%).

More than three-quarters (77%) intend to avoid using credit, such as overdrafts, credit cards or loans, when they leave university and nine in 10 (89%) would prefer to save up to buy something expensive rather than borrow money from a bank to pay for it.

At least there are no tuition fees to worry about in Scotland but students north of the border can still rack up debt to pay for their time at college or university.

Mintel senior financial services analyst Rich Shepherd said: “Incurring such high debts as standard and at an early age appears to make students wary of building up further debt in the future.

“The fact students are so strongly against the idea of using credit for expensive purchases can, at face value, seem to conflict with the high importance placed on the provision of overdrafts in student current accounts.

“However, this is more a reflection of how students see credit as a last resort rather than an available source of funds for luxuries.”

Mintel found most students worry about the level of debt they have, although many act responsibly when it comes to financial management.

Nine in 10 (90%) regularly check their bank balance, while 71% shop around for the best deals before taking out any financial product.

And many students are keen to prepare themselves financially for life after work, with 44% planning to start saving for retirement as soon as they finish studying.

Mr Shepherd said: “Starting to make provisions for retirement as early as possible is key to giving consumers the best chance of a comfortable retirement, however, persuading consumers to actually make these savings has proved to be easier said than done.

“Planning to start saving for retirement and actually doing it are two different things.

“The reality of paying for bills and essential living costs after graduation, as well as maintaining a desired lifestyle, can easily push retirement saving down the list of priorities.”