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15/08/2012 14:46:10

Students struggling with personal finance

New research reveals that many university students in the UK are struggling with their personal finance.

Lloyds TSB's second annual Student Finance Report found that 16 per cent of students cannot meet monthly outgoings, while 40 per cent are only just managing their money.

With students relying on loans to provide 46 per cent of their annual income, 77 per cent are expecting to finish their studies in debt.

However, nearly a third of students (29 per cent) are showing good wealth management skills by putting leftover cash into a savings account - although 24 per cent admitted to treating themselves with leftover funds.

Commenting on the findings, Jatin Patel, director of current accounts at Lloyds TSB, had the following financial advice: "With the introduction of higher tuition fees from next month, it is perhaps more important than ever for students to stay in control of their finances."

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