According to a new address from Lloyds TSB Student banking* added than one in four adolescent humans starting university this year will accept to abide with their parents to save money. This represents a 4% dip from 2007’s top of 31%, and a 5% access if compared to numbers for 2006.
A third of the 130,000** adolescent humans who will acquisition themselves blockage with their parents while they abstraction say that they will not be able to acquiesce to go to university unless they abide at home, while 82% accede that active at home is a abundant way to save money. One in four said that active at home is an able apparatus for managing their debt. However, 62% of those who are planning to break at home accepted that if money wasn’t an issue, they would adopt to fly the backup sooner.
Young humans put their student finances top on the account of university concerns. 26% were afraid about managing money while they are at university, while 13% accepted that this is the aboriginal time that they will be ambience a account and captivation the purse strings.
Economic ambiguity and the anticipation of accretion university fees are demography their toll, with 65% of acceptance adage it will be difficult to acquiesce university if the amount of active continues to acceleration and 38% adage that anon the amount of traveling to university will outweigh the allowances of traveling at all.
For the 66% of students-to-be who are planning to abide abroad from home, 62% anticipate that the banking implications are account it for accepting their independence, while a division accept no best as they ambition to abstraction at a far-away institution. Just 5% will be assured their parents to bottom the bill for their studies and 11% accept that they will be able to set a account and accomplish their affairs work.
The capital affidavit for allotment to abide abroad from home are to be afterpiece to their university (74%), to accretion ability (66%) and for the amusing activity (56%), with 22% acceptance that they are agog to fly the nest.
Catherine McGrath, administrator of current accounts, Lloyds TSB, commented: “Going to university isn’t just about accepting acceptable grades, it aswell has to accomplish banking sense.
“However, university is aswell a abundant time to advance your wings and get a little activity experience. By authoritative the time now for some banking planning and accurate budgeting, cash-strapped acceptance should be able to adore added apprenticeship after annoying disproportionately about authoritative ends meet.”
The analysis aswell appear that abounding adolescent humans are authoritative difficult choices in adjustment to antithesis the books at university. 34% accepted that they will be demography added than one job over the summer breach to body up their capital, while a division will accept to authority down a job during appellation time to accomplish ends meet. 15% will await on plan during the holidays to advice addition their case balance, while 8% said that they would adopt to await on loans and an defalcation in adjustment to focus on their studies.
About Lloyds TSB Student banking
Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and adapted by the Financial Services Authority and signatories to the Banking Codes.
Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN . Registered in England and Wales no. 2065.
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Notes to editors
* Online analysis conducted July 2008 amidst 1,000 UK 17-25 year olds who plan to alpha university in autumn 2008
** UCAS states cancellation of 481,784 applications for university autumn 2008. 27% of those surveyed planned to abide at home while they study. 481,784 x 27% = 130,082
Lloyds TSB Student cyberbanking PR contact:
Beth Longcroft
Media relations officer
Lloyds TSB
25 Gresham Street
London
EC2V 7HN
020 7356 2491
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