Money skills lacking for uni students
LESS than 15 per cent of firstyear university students feel prepared with the financial knowledge for adult life, a national survey finds.
Research by Queensland University of Technology Business School’s Dr Chrisann Palm and Dr Laura de Zwaan finds many new students lack the financial literacy to manage car loans, repay credit cards and navigate mobile phone deals.
Palm says many students could not answer basic questions about inflation, budgeting and credit card interest rates.
“A community approach is needed that involves financial counsellors, university administrators, student unions and academics who can offer practical advice and engaging ways to learn about basic budgeting and saving, and how to manage and invest money,” she says.
QUT financial planning lecturer de Zwaan says good advice does not always start at home.
“Many parents aren’t always able to provide training as they lack financial literacy themselves,” she says.
“Embedding financial literacy as a life skill in schools’ curriculum is a way to expose students to necessary skills needed as late teens and adults.”
To help tackle the issue, QUT Counselling Services and International Student Services will run free Making Your Money Work workshops in March at Kelvin Grove campus on March 17, Gardens Point campus on March 22 Caboolture campus on March 23.Finance guru Noel Whittaker will kick off the workshops at Gardens Point campus on March 14, with a free talk, Making Money Made Simple.
Palm and de Zwaan have these practical tips for university students:
a realistic budget and stick to it, even just for a semester.
your own lunch for uni as much as possible. This can save $10-$15 a day.
thinking about creating wealth early on – this could mean a savings plan.