War of the Worlds: Student Finance versus Life

 It’s a worrying time for current and prospective students. Figures from the Prudential, show that a third of UK university students have considered abandoning their studies due to the financial strain they have encountered. It is not surprising that many prospective students are finding the need to seriously think through the merits of going to university. With the increase in course fees, alongside decreases in government financial support, the current crop of graduates can expect huge debts (currently averaging over £13,000) when they enter the employment market, which they hope will reward them with a highly paid job.

However, as more students get pushed on to the higher education production line and undertake degrees, the once elitist qualification becomes devalued. Suddenly employers find themselves surrounded by graduates of ambiguous quality. Prestigious highly-paid careers are rare these days and graduates find themselves increasingly under pressure to jump through a number of hoops, with many interviews relying on an individual’s ability to sell himself, rather than the basis of the academic work.

Students need to take responsibility for their own finances, while the government seeks our recognition of its actions (educating the unemployed is good for the books … and votes), without the state taking on responsibility (“it’s an investment in your own future”).

Too many want to bury their heads in the sand and wait for a lottery win to make it all better. With over one trillion pounds of personal debt in the UK, students need to realise that the, "it could be you!" they pray for, is actually an "it is you … in debt" … with trapped wind more likely than wind-fall.

Part of the problem is hopeful expectation (alias denial), part is a fear of controlling your own personal finances (alias apathy), and part is a lack of knowledge (alias ignorance). The first one is difficult, and needs to be overcome by the individual. The other two however can both be overcome by looking for help. Sources of information need to be made available, actively promoted and sought out by consumers.

It’s not like the information isn’t there… there are plenty of financial product comparison sites loaded with information (and pictures): http://www.moneynet.co.uk/ for a start, or http://www.moneysavingexpert.com. The Financial Services Authority has its own finance help information for consumers http://www.fsa.gov.uk/consumer/index.html.

As the saying goes, "Seek and you shall find". It may be a hard lesson, but it is one that we must all currently embrace.

About the Author

Richard works in Edinburgh for a media company, occasionally writing for the personal finance blog Cashzilla ( http://cashzilla.blogspot.com/ ), and drinking too much coffee.

 Richard Green

More Articles 

Why Talk about Your Finances to Strangers? - Nate Sanden
Blogging is the latest innovation to take the web by storm. According to blog tracking firm Technorati, there are currently 20.6 million blogs with thousands more added every day. According to Blogherald, 30% of internet users (50...

Handle Your Personal Finance Easily - James Hunt
All too often people make the mistake of thinking that they are capable of handling their own finances without any worries at all. However, in most cases people learn rather quickly they cannot handle their own finances without help or assistance...

Mortgage Brokers For Home Loan Refinance - Refinance Online - Carrie Reeder
Online brokers negotiate financing deals with several lenders. This may mean that you can find a better deal through their site than by working with the lender. Not all mortgage brokers guarantee the lowest refinancing rates, so you should...

Loans for self employed - creating finance opportunities for a group long ignored - Christian Phelps
When self employment was suggested to me as a method of generating income, I had never thought I was taking the ire of loan providers. Mention that you are self employed and you can immediately watch the loan providers tightening the noose...

Debt Counselling – Healing Touch For The Ailing Finances - Aditya Thakur
The financial stories remain similar over the months and the years. With debts becoming a nuisance, people make resolutions and resolve to stand by these resolutions. But, once on a spending spree, little do they care for the resolutions that they...

Men, Women and Their Finances - Joseph Kenny
What do you worry about most when it comes to your finances and debt or your credit card repayments? It seems that men and women have different outlooks and think differently about their finances. A survey was carried out to see whether men and...

Save Money and Learn More About Your Finances - Sally Summers
If you want to make shopping much, much easier -- whether you're looking for the best mutual fund, car insurance, cell phone, television or toaster...If you want to know the pros and cons about products and services -- before you shell out your...

How to finance a new extension? - John Mussi
Want to improve the look of your property? Want to add value to your property? The extension plans are ready but the finances are not. Rather than waiting another year why not consider a Home Improvement Loan. Make the dream become reality with a UK...

Regain Control Over Your Life Once Again Through Debt Consolidation Refinance - Talbert Williams
Debt consolidation refinance is a simple way to regain your financial footing by refinancing your debt load. By using a debt consolidation refinance plan, the equity you built up in your home can be used to pay off personal loan and credit...

How to Finance a Business Start-Up - Vipul Jain
It has been observed that a large number of people now prefer business to job. The number of self employed people is increasing. There are several advantages of self employment. First of all, you become your own boss. You can fix your...