Industry News
Students "prize market" for banks
Posted on 20th September 2007
Students are a "prize market" for banks and need greater financial advice, a spokesperson for the National Union of Students has said.
University can be a difficult time for young people as they learn to manage bills, often for the first time, she commented.
In addition, banks suddenly target them with loans and credit cards and so students need more financial advice and education, the spokesperson added.
Banks can "lull you in and then attack you quite viciously, especially with the commercial rate of debt", she continued.
Current initiatives to educate secondary school students about finances in secondary schools would help them later in life, the representative claimed.
Students who graduated this year face a total debt of £3.2 billion, an increase of 167 per cent on ten years ago, according to financial site This is Money.
This supersedes the 51 per cent increase in graduate salaries which have risen from £15,000 to £23,500 on average, it reports.