Money skills lack­ing for uni stu­dents

The Courier-Mail - Career One - - Classifieds -

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.

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