Students can count on sound advice
An informative new podcast created by Scottish financial experts and Heriot-watt University aims to equip young people with the knowledge and skills to take control of their money
MANAGING finances is not usually a task students relish but a new podcast – ‘On the Money’ – aims to take the pain out of the job.
Produced by Schroders Personal Wealth (SPW) in association with Heriot-watt University and Student Union, the podcast stretches over four episodes, with students discussing budgeting, saving, investing, financial wellbeing and the transition to the working world. It is hosted by Kim Mcallister and SPW expert Jess Miller.
“We acknowledge that people are having to make more and more important financial decisions, particularly over the last 12 months. We want to help them make these decisions and encourage discussions, at all ages, to help build confidence and better awareness across money matters,” said Donald Gateley,
Regional Director of Scotland & Northern Ireland.
“Financial education is an important subject to SPW and we believe that our industry has a role to play in improving this throughout the UK.
“We hope this podcast series will be the first of many and will play a part in helping to educate everyone, not just students, and give them the confidence to fully engage with their financial lives.”
As a former student at Heriot-watt, Gateley approached the university and its student union to discuss the possibility of working together to help students get the hang of managing their finances. After discussing a variety of possibilities, he suggested recording a podcast series.
Emily Lucy King, Heriot-watt Student Union President at Heriotwatt said the idea was warmly received. “The last 12 months have been difficult for students and it was important to us to help them with their financial wellbeing by having a better understanding of their finances. The podcast was a really good way for sharing this information in a fun and informal way,” she said.
“We had a really diverse group of students take part and they loved it – even the ones who study finance learned a lot about the importance of pensions and how to budget.
“All four students said they would change their habits and make a more comprehensive plan for the future as a result of taking part in the podcast.”
SPW worked with communications agency Connect to produce the podcast and provide the host, broadcaster
Kim Mcallister, who has managed other successful podcasts including “Scotland’s Secret Space Race” and “The Arran Podcast”.
Even those who study finance learned a lot about pensions and how to budget
The students were a mix of final year, PHD and international students and studied a variety of subjects from finance to modern languages to chemical engineering. The variety of backgrounds and experiences made for a rich conversation and lots of peer-topeer learning, as well as valuable input from the SPW expert.
“In a year that was so disrupted, it was great to be part of this project,” said Mohammad Salman Pirzada, an international student at Heriot-watt University studying accountancy and finance.
“It’s something I love talking about, I’m really interested in the concept of financial freedom, so to learn so much about the importance of starting a pension early and the impact of finances on your wellbeing was not only interesting, it was really helpful.”
Liz Lau is a PHD student studying chemical engineering and had her eyes opened to the possibilities of investing. “At first I had no knowledge or interest,” she admitted. “But now I’m intrigued. I’ll definitely take advice and start thinking about planning for the long term.”
Sam Hamlet said she learned a lot about managing her finances during her year abroad, as a Spanish and German student, but had never really considered the importance of a pension before appearing on the podcast.“i’ve had part time jobs and noticed a pension contribution in my payslip but that was about it,” she said. “Now that I know the enormous difference it can make to your pot starting to save in your twenties.
“I think I enjoyed the different perspectives most. We were all able to relate to each other in some way, while also showing our differences in spending habits and mentalities. Since the podcast, I’ve taken on some of the advice on saving and budgeting!”
Students will no doubt identify with Andrew Armstrong, a fourth year finance student from Northern Ireland studying at Heriot-watt. He admitted that the vast majority of his money goes on takeaways.
“It’s hard to avoid the chip shop,” he admitted. “But I’ve realised that if I budget and plan ahead I can save a lot of money. I’m easily swayed by marketing tactics – and you’d think
I’d be savvy given what I study – but it’s just so easy with contactless payments to lose track of your spending. I found it so interesting recording the podcast because everyone is different and there are so many tips and tricks to try.”
The four part podcast is available on Podbean, Spotify and all podcast providers