Students Failing With Their Future Finances

Recent research that has been carried out shows that the young teenagers of today are greatly underestimating the amount of debt that they will find themselves in after graduating from university.

A survey that was carried out on 8500 students showed a very worrying result that many of them do not realise the financial troubles that they may find themselves in some time in the near future.

Over a quarter of those students surveyed believe that they will never get into debt in their lives, and over a half of those surveyed believe that if they do get into any debt then they will have started to pay it back by the time they come to graduate from university.

On average, the students that were surveyed believe that by the time they are 25 they will be earning a salary of around £31,000 and will own their own home. In contrast to this, figures show that in reality most 22-29 year olds are only earning on average around £18,000 a year and still have a student debt of around £12,500.

The results from the survey also show that the student’s future aspirations are affected by their parents’ salaries. Those students who come from higher earning families are expecting to earn more money and have less debt in the future compared to those who come from lower earning families.

From the research being carried out there is a clear indication that the students of today are not leaving school with the right amount of education concerning their future finances than they should be.

As a result of not being educated and making poor financial decisions, Britain today is estimated to be in one trillion pounds sterling of debt (£1,000,000,000,000) and this figure does not seem to be falling any time soon.

By: Dan Collins

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