Call You and Yours - How financially savvy are students?
The number of students taking out payday loans to make ends meet has doubled in the last decade according to a survey. It's because their income falls short by about £250 per month
A quarter of students are taking out payday loans to help fund their living costs at University. According to the National Student Survey, typical living costs each month are around £850 and most students fall short by about £250. Students can get a means-tested maintenance loan to help with living costs based on a sliding scale of parental income - but many parents don't realise the extent of the contribution they'll be expected to make. To make up the difference, students are turning to high-interest loans or credit cards.
The founder of MoneySavingExpert, Martin Lewis, says there's a big gap in people's financial education around the subject. So - how financially savvy are students, or the students you know?
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- Tue 17 Sep 2019 12:18±«Óãtv Radio 4
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