National Student Money Week 2016: because money lessons matter
ClearScore is proud to support National Student Money Week, created by the National Association of Money Advisers (NASMA) to improve student financial capability
Monday marked the start of National Student Money Week, a national event created and supported by NASMA to raise awareness of student financial education. Shopping basket challenges, inspiring talks and budgeting workshops are just some of the events currently taking place at universities across the country.
These events are all aiming to help students gain financial capability- the ability to manage money well, both day to day and through significant life events, and to handle periods of financial difficulty. It is about giving students the skills, knowledge and the right mindset to stay in control.
This advice and support for students is essential. Dealing with student loans, overdrafts and rental payments can be a huge transition, which can cause anxiety and stress. Research from the Money Advice Service has found that 66% of 18-24 year olds are anxious about their financial situation, compared to just 46% of older adults. Furthermore, 52% of young adults felt they were unable to make a difference to their financial situation. Helping students learn how to budget, save and be savvy with financial products is key to promoting financial and mental wellbeing.
An important part of this financial education is using credit responsibly. Most students have some form of credit – an overdraft on their student account or a mobile phone contract – but don’t know that using credit well now can have a positive impact on their future finances. 52% of young people have never checked their credit score, and the average student has a credit score of 302, which is below the national average of 380. Despite this, there are actually lots of things you can do to build your score while you’re at university, some of them only taking minutes.
At ClearScore we want to demystify the credit world. We want to help young people build a solid credit score and report so they have a good foundation for the future. We do this through free access to your financial information, and helpful tips on how to use credit well and improve your credit score. So that when the time comes, you have access to the best deals on utility bills, mortgages and loans.
To get involved with National Student Money Week activity, ask your student union or student services centre what activities your university is running. You can also follow all the action on Twitter by using the #NSMW16 hashtag. For all things student money related, a good place to start is the Student Money Matters magazine, which covers everything from student loans and utility bills to hardship funds and debt advice. We’ve also got loads of credit tips over on our blog.