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Will it be ‘loan’ly this Christmas for students?

19th December 2014 Print

Students are looking at financially frugal festivities this year as one third (33%) say they can’t afford their usual Christmas plans. Christmas funding worries are also making 32% of those surveyed turn to loans to finance festivities, according to new research from Blackbullion.

Students also plan to channel their inner Grinch, as half (50%) of those worried they won’t be able to afford Christmas said they will be cutting back on presents to generate extra cash. Socialising over Christmas is expected to take a hit with a quarter (25%) saying they will have to cut back to afford the holiday season. 

The latest research from Blackbullion also shows a reliance on friends and family, with more than one in three (34%) of students admitting to finding it difficult to cope without hand-outs - with the average sum borrowed totalling £241 per student since the academic term began in September. 

Vivi Friedgut, Founder of Blackbullion, said: “Christmas is the time of the year when we like to have some extra cash to treat our loved ones. By becoming more financially savvy and setting a realistic budget, students can free up money to enjoy the festive celebrations responsibly.”

Most students know that they need to budget more effectively, in fact 68% of those surveyed said they would be using the next few weeks to work out a realistic budget for 2015.

For students who are worried about money this Christmas Blackbullion offers the following guidance:

1. Sell any unwanted items

Over a third of students (38%) surveyed said they would be selling unwanted items to generate extra cash this Christmas. There are many sites that can sell second hand items for you such as eBay and pay money straight into your account in time for 2015.

2. Get on the job hunt

With shop sales just around the corner, local shops may be looking for extra staff and restaurants and bars may need an extra set of hands to help with the Christmas rush. More than a third (34%) of female students said they plan to work to be able to afford Christmas compared to 28% of male students.

3. Use your time wisely

Don’t feel guilty about watching Harry Potter and the Philosopher’s Stone for the fifth time over your Christmas holidays instead of budgeting, it’s a task that takes a matter of minutes. 58% of those surveyed agreed they need to budget more effectively in 2015, so make sure to start as you mean to go on.

115,000 students have access to Blackbullion’s modules, through their universities in the UK, to get smarter with their money. Students who complete the Blackbullion online program, which aims to educate students on financial management, are more likely to budget (75%), feel in control of their debt (57%) and are less likely to run out of money before the end of the month (57%). These skills are not only essential for personal money management, but allow students to get to grips with financial jargon in order to make informed decisions with confidence.