As students settle into the first term at university, UNiDAYS, the world-leading verification-enabled platform for students, has today published new data revealing that half of students wish they had learnt more about budgeting before starting university.
According to the new research*, budgeting was the top money skill students wish they had learnt about before heading off to university (50%), alongside how to apply for discounts and grants (27%) and how student loan payments are made (10%).
The survey, which gathered insights of over 1,000 students as they prepared to embark on a new academic year – also found that nearly half of students (45%) turned to their families for financial support in their first term of university, with 30% of students revealing they did not feel prepared to live away from home. A further 61% admitted to falling behind in their studies in their first year at university.
The insights come as UNiDAYS today announces a new partnership with HM Revenue and Customs (HMRC), the UK’s tax and customs authority. The new tie up is designed to empower students by giving them easy access to personal finance resources, helping them to build their confidence and be ‘On It’ with their money and tax, as they live away from home during their studies.
The HMRC app gives students the information they need to apply for Student Finance, check if they are owed a tax refund and claim it quickly, and if working while studying, get into a new job quicker by easily accessing and checking their employment history.
Alex Smith, head of wellbeing, earning and learning at UNiDAYS said: “Starting university is an exciting milestone, but it also comes with financial pressures and uncertainties. At UNiDAYS, we see first-hand how students often struggle to navigate budgeting and financial independence for the first time. That’s why this partnership with HMRC is so important – by giving students instant access to vital financial information at their fingertips, we’re helping to reduce stress, build confidence, and set them up for success both inside and outside the classroom.”
Suzanne Newton, HMRC’s director general for change delivery, said: “The HMRC app can help you stay in control of your tax information when trying to navigate university or working out your weekly budget can feel daunting. It’s a great tool for university students to access tax calculators, income information and your National Insurance number all in one place. Download the HMRC app today.”
