Student finance worries with million ignorant about savings

Mon, 25 Jul 2011

Young people at university might be wise to think about student finances after new research showed that millions of people under the age of 25 have no idea of the interest rate on their savings account.

According to the data from HSBC, 5.1 million British youngsters do not know how much they stand to make from setting money aside.

Meanwhile, 3.7 million are unsure as to how much savings they actually have, which could mean it might be time for Brits to take their student finance options more seriously.

Almost nine in ten (89 per cent) did not know the interest rate on their savings accounts, while 65 per cent were unsure of their balance.

A further 14 per cent never check their savings account, while 78 per cent have no savings goals.

Head of HSBC in the community Peter Bull said: "HSBC believes that it is never too early for young people to begin to learn the basics of managing money and the importance of budgeting and saving."

In other news, students working through the summer have been reminded to fill out the proper forms, with HM Revenue and Customs noting that most won't have to pay tax if they sort out the correct paperwork.
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