Alex Gallagher
Chief Strategy Officer, UNiDAYS
For many, living independently and managing finances can be an overwhelming task. Money management is becoming a real focus for students due to the cost of living crisis.
Within the fast-evolving economic climate, it is increasingly important for university students to gain a better understanding of their own finances and habits. But where do they go for advice? Research showed that the majority (69%) of Gen Z depend on their parents for financial advice. However, it’s clear that there are gaps in parents’ knowledge. Insightful research from UNiDAYS revealed that nearly one in five parents are not confident in explaining how to manage their finances to their Gen Z children.
Mastering the art of budgeting
Learning how to budget can take a while to get to grips with. Taking the time to learn and absorb new information is key to helping students manage money better.
Learning to budget will help with keeping on top of expenditures and provide a clearer picture of savings. Starting with a simple budgeting system can make all the difference — logging spending on either a weekly or monthly basis.
There are apps and templates designed to help groups keep tabs on spending and lending. These will help student budgeting by splitting everything fairly between housemates, removing the need for those awkward discussions about money or chasing housemates for their share of the bills.
Open a student bank account
From improving budgeting skills to long-term saving goals, opening a student bank account is a savvy decision to make. It will likely help students use their money more responsibly.
Student bank accounts allow money to be paid in and out, alongside benefits such as interest-free overdrafts and other extra, useful perks such as free railcards.
As an example, UNiDAYS has recently partnered with the banking service app, Revolut, to help members save, monitor and maintain their finances. If that wasn’t enough, it can also be personalised to individual needs.
Always ask for a discount
Students will continue to spend in 2022 and beyond. Recent research revealed that freshers will spend 18% more than returning students.
We know that students have a keen eye for a bargain and with a multitude of deals available to them, they rarely must pay full price.
Recent research revealed that freshers will spend 18% more than returning students.
Although it can be hard to remember all the different companies offering student discounts, whether it’s 5% off or 40% — every little does help. As the global marketplace for students and graduates, UNiDAYS offers a wide selection of exclusive discounts across the world’s biggest brands — from Apple and Samsung to SHEIN and Bershka, as well as exclusive offers across study and wellbeing resources designed to help students get better grades and manage the challenges of college and university life.
Make your money stretch further
Now more than ever is the time for Gen Z to make their money and go the extra mile.
By taking the right approach to budget planning, using deals and offers and choosing a bank account that best suits their needs, students will be able to level up their game when it comes to money management.
