Debt-laden students ‘feel out of control of finances’

One in three students feel out of control of their finances, new research has revealed.

A survey from GE Money has found that 35 per cent of those in full-time education feel that they are not managing money matters well.

Around half the student population have debts of over £5,000 and only one in four believe that they will be able to pay off their loans within five years of leaving university, the report added.

In addition, it found that 68 per cent turn to partners or friends for debt advice and 27 per cent look up financial sites on the internet.

A spokesperson remarked: “It is important to set budgets and stick to them. University should be a fun positive experience, however, all too often, it can turn out to be a financial minefield.”

Meanwhile, the Financial Services Authority has sent out Money Doctors – specialist student advisors – to an extra 50 universities in order to teach them about debt.

By Jamie Price