Money tops students' concerns

Money worries are the leading cause of anxiety among new university students, figures suggest.

10:40 27 September 2005

Money worries are the leading cause of anxiety among new university students, figures suggest.

Research by NatWest found that freshers were most likely to worry about money shortages with many admitting that they are not prepared for the financial pressures of university.

The survey found that 73 per cent of new students were worried about not having enough money, making it the leading cause of anxiety. Nearly two-thirds reported that they did not feel ready to cope with the demands of money-management.

NatWest has said that students should not let money worries deter them from higher education, but should instead seek sound financial guidance.

"University is an investment in your future with strong evidence that graduates have stronger earning power. So with careful management of your money university doesn't have to be a millstone around your neck," said Simon Turner, head of the bank's student and graduate services.

Some 39 per cent of new students reported that they had done some form of financial planning.

The majority of students planned to work to relieve money worries, with 88 per cent expecting to work at some point during their degree.

Most students will take part time work of approximately 15 hours a week. However, some 15 per cent expected to work up to 30 hours a week, a figure that many universities warn may interfere with academic achievement.