BANK ACCOUNTS, PREPAID CARDS

Students take £2,652 worth of possessions despite university debt

Although it was revealed recently that most students take an average of 11 years to pay off their debt after finishing a degree, new research shows that current students take nearly £3,000 worth of possessions when moving to their university house.

Gadgets and devices of all kinds are the main expense. A new survey published by a leading insurance company revealed that most students regularly carry an average of £1,165 every day in high-tech gadgets.

For the start of the new term, the study revealed that students will be taking a laptop (83%), a desktop computer (14%) and/or a tablet PC (4%) to university. Also, it stated that the majority of them will take a mobile phone to university and 59% of those will be a Smartphone. 

It was also published that almost £500 million worth of gadgets have been thrown in the bin since 2006 in the UK, with 35 % of the gadgets bought no longer being used.

Out of touch with finance?

£21,198 is the average student debt in the UK after leaving university, further research revealed last month.

Despite their high debts and passion for having high tech devices, a large number of graduates are unaware of the correct interest rate on their own savings account.

According to data released by HSBC, over 5 million people aged under 25 don’t know how much interest is on their savings accounts.

Two thirds of young savers do not even know their current balance, while a further 14% admit to never checking their savings at all. 

Despite their ignorance on banking and finances, 22% of those aged 25 and under are at least aiming to save, compared with just 12% of over 55s.

Gathering and comparing information on bank accounts and bank cards is the best way to make the most of your money.

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