Young people lacking student finance knowledge

Thu, 02 Feb 2012

Many university goers in the UK lack basic knowledge when it comes to student finance and other monetary matters, new research has shown.

Carried out by the Chartered Insurance Institute (CII), the study revealed 39 per cent of undergraduates did not receive any form of financial education at school, while 45 per cent of secondary school teachers said they believe time and resource limitations are preventing pupils from learning about how to handle their cash flow.

In addition, the investigation showed that 19 per cent of students aged 16 to 18 own a store card, with 17 per cent of these opening the account themselves.

However, it was also found that 71 per cent of this group did not understand what the term APR means, while 73 per cent were unclear about equity, 33 per cent had little knowledge about credit and 24 per cent were clueless when it came to the term debit.

David Thomson of the CII - which has more than 100,000 members - said it is important "for this age group to have a good understanding of personal finance as many of them will set off for university and have to budget for themselves for the first time".
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