Saving is top financial priority for students
Students have identified saving as the financial priority they are most concerned about, according to a poll of further education (FE) students across England by the National Skills Academy for Financial Services (NSAFS).
Over one quarter (28%) of students selected savings and 22% chose university fees as the two main areas of finance they wanted to learn more about. Students were given six financial topics to choose from: bank accounts; savings; mobile phones; loans and mortgages; university fees or debit, credit and store cards. The research forms the basis of the personal money management programme delivered by the NSAFS culminating in Money Week, 8 - 12 March, 2010.
Students in London showed greater consideration for their education, above savings, with almost 30% citing university fees as the financial topic they were most concerned about. And, with the Midlands and South East choosing university costs as their second-choice, after savings, students in and around England's biggest cities are clearly thinking about their future education.
Sylvia Perrins, CEO for NSAFS said: "Young people are much more switched on to their money issues than people think, and want to know more about how to fund themselves through their education and formative adult years.
"It's very encouraging that students want to save for their future, and continue their studies. The challenge lies in how young people will plan and create a pool of funds to help them finance their immediate and long term futures, and assist their continuing education at university."
Overall, savings were also the top choice for FE students in the East of England, North West, South West and Yorkshire and Humber regions; however, information on bank accounts came above university fees in most colleges, suggesting managing their money, rather than education, is more important in these areas.
Participant colleges are using the information collated to help steer financial management training, informing tutorial sessions throughout the academic year.
NSAFS' financial capability projects in FE colleges in England are funded by the Financial Services Authority's ‘Money for LiFE' project. The activities culminate in Money Week in March 2010, which is a dedicated week of fun activities to engage students in money management. Last year up to 15,000 learners benefited from money management training undertaken by NSAFS in three pilot regions. This academic year's target for Money Week events is to reach 30,000 learners in 75 colleges.
The National Skills Academy for Financial Services offers national centres of excellence in education, skills training and development, led by employers to develop a workforce with the knowledge and skills they need to help service their customers' financial needs.
Since launch in May 2007, the NSAFS network has grown from having four to over 20 training providers that are now located in seven regions in England.
For more information, visit nsafs.co.uk.