Freshers should smarten up on money matters

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Published: 18 September 2007

Freshers should smarten up on money matters

University freshers should be smart about their money and get a check up with their university money doctor.

With thousands of young people preparing to leave home for the first time to attend university, the Financial Services Authority (FSA) has assembled five key pieces of financial information that no young person should be without:

· Shop around - to make sure you get the best deals

· Minimum wage – £4.45 for 18-21 year olds and £5.35 for those over 22 years

· Account – check the interest rates, overdraft facility and branch locations

· Realistic budgeting – so you don't blow your money in the first term

· Tax allowance – currently £5,225

Young people face more financial responsibilities than ever before:

· During the first few weeks of term, students face a raft of financial decisions, some of which could have a major bearing on their lives for years to come; the cost of tuition fees along with offers of loans & credit cards

· So be SMART and get a check up within the first few weeks with your university money doctor

· Before term begins, all universities and higher education institutions in the UK will receive their Money Doctors Toolkit from the FSA containing a range of practical and innovative approaches to students' money handling and money problems.

· It has been devised in partnership with Student Money Advisors – so the information is pertinent, practical and prudent.

Steve Stillwell, leading the implementation of the FSA's Money Doctors Programme said:

"This is an exciting time for freshers all over the country; but leaving home for the first time has as many pitfalls as advantages.

Budgeting, managing a bank account, and perhaps working for the first time, are all daunting prospects – but the aim of the Money Doctors programme is to help young people take control of their finances and make smart choices."

Money Doctors is one of the education projects contributing to the FSA's National Strategy for Financial Capability:

· It focuses on helping student money advisors enhance the capability and confidence of their students in dealing with financial issues through more proactive methods.

· In the academic year 2006/07, the FSA worked with 19 universities to create materials (known as the toolkit) that will be made available to all student money advisors

· The toolkit is now available in the 168 Higher Education Institutions within the higher education sector from academic year 2007/08 onwards.

· It has been designed in partnership with Student Money Advisors, and forms part of the National Strategy for Financial Capability, led by the FSA.

Further information

FSA - Money Doctors

FSA: ‘Urgent need to help the young’ article

National Strategy for Financial Capability

Money Doctors Toolkit contact details

Student money saving guide

National Association of Student Money Advisors' (NASMA)

Managing Debt

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