NatWest has warned customers after research found that more than half of students say money has put a university friendship under strain. The bank, which has branches in Birmingham, found that 58 per cent of students are owed money they do not expect to get back, while 40 per cent have experienced tension or awkwardness with flatmates over different budgets.
Financial Pressures in New Friendships
According to the research, 64 per cent of students have made an excuse to skip a social plan rather than admit they could not afford it. Over 90 per cent have turned down a social event because they could not afford it, while two in three have made an excuse to skip a social plan rather than admit they were short of money.
More than a quarter of students identify money as the single biggest barrier to their university social life, ahead of time pressures, distance from campus or not knowing enough people. One in three students began looking for second-year accommodation within the first month of their first term, bringing major financial decisions into friendships that may only be days or weeks old.
NatWest Launches Student Handover Report
To help new students prepare for the realities of university life, NatWest has launched the Student Handover Report. This will share the money lessons current students wish they had known before arriving on campus, the bank has said.
Paul Slinger, Head of Customer Onboarding at NatWest, said: “Starting university is a major step towards financial independence, and it can bring money decisions that are difficult to anticipate before you arrive, particularly when new friendships, shared living and social plans all come with their own financial pressures.”
Support for Students
Slinger added: “At NatWest, we support one in three UK families and we want to help young people feel confident taking action with their money, from setting a realistic budget and speaking openly about what they can afford, to looking out for the little wins that can help money go further.”
“That’s also why our Student Account includes practical benefits designed to support students day to day,” he said. The bank’s research highlights the financial challenges students face as they navigate new friendships and independent living.
