Students ‘urged to look after their money’

Students need to make sure they are equipped with the necessary money management skills to ensure they do not end up in debt trouble.

This is according to the National Association of Student Money Advisers (NASMA) and the group was speaking after the start of National Student Money Week (NSMW) 2013, which runs from February 11th – 15th.

With the expense associated with attending university increasing, alongside a general rise in living costs, students need to make sure they stay on top of their finances. Failure to do so could see them develop debt problems further down the line.

The event seeks to make sure that applicants, students and graduates in UK further and higher education have access to the necessary resources and advice. It is hoped NSMW will make it clear to youngsters that there is plenty of financial support available to them.

Phil Davis, chair of NASMA, pointed out that students, especially those with non-traditional or complex situations, can get access to the maximum amount of funding thanks to the organisation. 

"NASMA money advisers are able to provide information and guidance to help students receive their entitlement. Not only that, but our membership also works to ensure students manage their finances more effectively and explore alternative sources of funding as well," he added.

Mr Davis stated NSMW is set to provide "proactive and engaging activity at institutions across the UK to promote the support available".

Universities, Colleges, Students' Unions and a range of other organisations are taking part in the event and drop-in sessions, training and competitions.

This comes hot on the heels of the announcement that financial education is going to be made compulsory in England. It is expected to be rolled out in time for the start of the 2014-15 school year.

Tracey Bleakley, chief executive of pfeg (Personal Finance Education Group), was delighted with the announcement, as she thinks it will equip young people with the knowledge they require.

As well as being a viable alternative to a basic bank account, the ClearCash prepaid MasterCard card issued through Advanced Payment Solutions Ltd, offers a wide range of features and tools to help students manage their money more effectively.

Samuel Mond, Managing Director of ClearCash, commented: "Our ClearCash card provides students with an inexpensive way to manage their money, free from costly overdraft charges, students can develop good habits by portioning their finances; only spending what they load onto the card. By adding up to four additional cardholders per account, ClearCash can add a level of parental control or even help the complex problem of tenants sharing bills."

By James Francis