Consumer research site, moneynet, has published its seventh online brochure in the series of personal finance product guides. The student finance guide, collated by two graduates at moneynet, was generated in response to requests moneynet received from parents, students and prospective students who had serious financial concerns about how to fund university.
Graduates are reportedly leaving university with debts of over £13,000. With the advent of Child Trust Funds as a long term measure to assist with the costs of higher education, there is pressure on financial providers to not only consider the type of financial product they offer students, but to additionally review how they communicate complex terms to this young market and to ensure students have a solid understanding of the personal finance market.
In response to widespread public concern and letters from its customers who have families, moneynet has published a comprehensive guide to those factors which affect student finance and university budgets, including realistic expectations and practical suggestions. Key recommendations include:
* Gathering as many savings as possible before university, through birthday and Christmas presents, summer jobs, part-time jobs and any other savings accounts
* Shopping around for the best deals on household insurance, current accounts and savings accounts
* Bulk buying weekly groceries and being strict about spending, borrowing and lending
Richard Brown, Chief Executive of Moneynet said “We all understand the importance of budgeting, but for students this can be especially difficult. Our Guide to Student Finance is designed to provide some simple help and advice aimed at making those years in higher education a bit more bearable.”
Moneynet also provides an online banking management tool called AccountStore, which is a fast, simple and secure way to manage money. AccountStore would allow students to manage all their online accounts in one place under a single login, making it easy to keep track of credit card bills, overdraft spending, savings and standing orders.
Other publications in Moneynet’s series of consumer product information guides include: credit cards, mortgages, loans, life insurance, ethical investing and family finance. The website also features a comprehensive glossary for consumers who wish to look up more general personal finance terms.
http://www.moneynet.co.uk/accountstore/index.shtml (Online banking management tool)
http://www.moneynet.co.uk/student-finance-guide/index.shtml (Student finance guide)
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Moneynet.co.uk is the UK’s most established personal finance research and data website. The company offers consumers a wide range of low cost financial products: from mortgages and personal loans; to car, home and medical insurance; credit cards; savings accounts and best-buy fixed rate products. Moneynet.co.uk is an ethical, impartial and comprehensive source of consumer finance information, covering the whole of the personal finance sector.
Moneynet was founded in 1997 by Chief Executive Richard Brown to simplify the personal finance market and provide consumers with impartial and interactive information on financial products and services.
Richard Brown, Moneynet Chief Executive, 020 8313 9030
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Written by: Rachel Lane