Nationwide Building Society has issued a warning to customers ahead of September, revealing that money mistakes dominate the biggest regrets of university students. The building society, which has branches in Birmingham, published its FlexStudent research showing that nearly four in ten (39%) of current students surveyed spend between £150 and £300 a week on food and drink.
Financial pressure on today's students
Tom Riley, Director of Retail Products at Nationwide Building Society, said: “Our research shows just how much more financial pressure today's students feel compared with previous generations, which is why we're continuing to offer real, practical support through our FlexStudent current account offer.”
He added: “Whether it's an unexpected bill or a well-earned takeaway with new housemates, we want students to start university on the best possible financial footing. FlexStudent is available to new and existing students starting an undergraduate course, and can be opened via the Nationwide app or in branch.”
House-share conflicts and common mistakes
The research also found that noise, stolen food and mess spark the most house-share fallouts among students. Six of the top seven mistakes students make are related to money, according to the findings.
Tom Allingham, student money expert at Save the Student, commented: "Whether you're starting university for the first time this year, or heading back after your summer break, this research is a great reminder for all students to think about their finances before the new year starts."
Advice for better financial preparation
Allingham emphasised the importance of planning ahead: "Working out a budget in advance of the uni year is the single biggest thing you can do. Even if you've not yet started and only have predicted costs, getting at least a rough idea of what shortfalls you might have is much better than finding out a few weeks in! This way, you can discuss the possibility of extra contributions from your parents, plan where you can cut back, or start looking for part-time work before everyone else."
He concluded: "Until the government increases maintenance funding to a liveable standard, funding student life will always be tough. But if you take the time to plan your finances, you'll give yourself a much better chance of making ends meet."
