Students have been urged to consider a current account that allows them to stay on top of their finances.
The Lloyds TSB Student Account, for example, provides services such as text alerts, internet banking and a new Money Manager tool to help people track their expenditure. Such provisions could be sorely needed as the bank's research suggests that students are really struggling financially.
According to its latest survey, 17 per cent of full-time students do not have enough money to get through the month and a further 40 per cent are only just managing to balance their finances.
The annual student budget stands at just under £6,000, but many are forced to take on paid work during term-time in order to have enough to cover their fees and necessary expenditure. In fact, 51 per cent of students have had a job within the last academic year and nearly half of these claimed that they had to work to support themselves through university and to make ends meet, despite the fact that 24 per cent believed working had a negative impact on their studying.
Jatin Patel, director of personal current accounts at Lloyds TSB, commented: “With finances so tight students need to ensure they are making use of all the discounts and money management tools available to them to help them manage their finances.”
