One in five students lie to their parents about money
A new study has found that over a fifth of students (21%) admit that they are rarely or never honest with their parents when it comes to money. The study, carried out by the free personal finance service Money Dashboard, also found that almost one in ten (8%) students never discuss their finances at home.
These findings coincide with the news that UK students will incur over £44,000 in debt, on average, under the current system, whilst three quarters (73%) will be unable to pay off their loan in full.
Students in Belfast are bottom of the league table, with two fifths (41%) admitting that they are never or rarely honest with their parents about their finances, while those studying in Norwich are the most truthful with their parents when it comes to their finances, with more than four fifths (83%) mostly or completely honest about money (see student league table below).
League table 2015 - dishonest money rankings*
* % who are never or rarely honest with their parents about their finances
Unsurprisingly, students studying in Edinburgh and London (expensive cities) were amongst the bottom five, those who are never or rarely honest with their parents about their finances. People in cheaper cities (Glasgow, Norwich, Birmingham) were much more honest about their money.
Lisa Raynsford, of Money Dashboard said: “Lies are often the result of anxiety about what other people might think, having to take decisive action or facing up to something difficult. If talking about being in the red is not possible then there are other options when trying to get your finances in order. Now is the perfect time to seek out a few tips and tricks because, by tracking regular outgoings and planning ahead, anyone can learn how to be good with money.”
If you're struggling with money at university but feel you can't tell your parents, going to your university is always an option. The students union and university will offer financial advice, and can provide hardship funds if you need it (a loan you may not have to pay back).
It also may seem embarrassing to talk about finance (or lack thereof) with your parents, but they have probably been through the same thing at some point in their lives. 9 out of 10 parents in the UK will help out their child throughout university, so you are by no means alone in needing some extra support.
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