👋 Hey folks, this time we’re talking about the problems that our younger generations face with their higher education journeys due to lack of financial education.
It’s not easy being a student, especially these days.
You’re juggling the journey to adulthood with increasing academic costs, established economies and a lack of any real financial education provided by anyone to help you figure out how to make the little money you do have work for you.
So, it’s no surprise really that financial worries and wellbeing are some of the top worries for our young people at university (or college if you’re American).
In particular, a recent survey from Save The Student in the UK shared some startling data that should all make us take notice of just how much poor financial education is affecting the wellbeing of our younger generations.
Why do we have a problem?
You can read the full report here but let me share some of the data that I think we all need to explore further.
76% said they worry about making ends meet, with 60% stating that their loan maintenance is not big enough to cover basic living standards.
And, even more worrying is that 74% of those surveyed said they wish they had better financial education from school.
Plus, of the 76% of students who said they’ve considered dropping out of higher education at some point, 61% of those stated it was due to their mental health and 41% responded it was due to money worries.
Hopefully, you would agree this makes for concerning reading.
How can we help?
Well, we need to do much better with financial education.
With a whopping 74% of those surveyed saying they wish they had better financial education, we can already see a route to improvement.
There’s an obvious link between financial education and mental wellbeing in this data. It’s not hard to see that the lack of financial education contributes to poor mental wellbeing.
Completing your studies is already hard enough without having to worry about if you can make ends meet.
I’m a student and want better financial education, what should I do?
Be curious, ask questions and do your own research.
Don’t leave it to your education establishments to provide this, because they won’t.
Use sites like Save The Student which focus on raising your financial intelligence. Turn to our good friend Google to ask questions and find advice from fellow students and graduates.
With 75% of students convinced they’ll never pay off their loans, don’t leave anything to fate. Take control of your financial future and educate yourself.
👀 Useful resources
What you need to remember about personal finance after graduating and starting your first job
How to Save Money as a Student — Top 10 Tips
Words of wisdom 😮
“An investment in knowledge pays the best interest.”
Benjamin Franklin
Before you go… 👋
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