Students 'must learn to save their money'

It is essential that students learn how to save money early on in their university lives, an expert has claimed, which could see a rise in the number of people with the best savings rates.
 
Paul Lewis, vice president of Credit Confidential, has highlighted the fact that many students are unused to having a bank account with a high balance and so some freshers spend far too much in the first few months of term.
 
He said: "[They] don't budget or parcel out the money per week or per month for the rest of the term, and very rapidly get into problems."
 
For those looking at accounts, the priority feature that these people should search for is a good bank overdraft, Mr Lewis advised.
 
Recent research published by Credit Confidential highlighted the fact that student spending on alcohol has fallen 42 per cent in the last 12 months, suggesting students are becoming more prudent and better at budgeting.

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2011-10-04 14:06:53 © Moneyextra.com