Money not being saved for University fees

Money not being saved for University fees

This is a nerve wracking week for A level students as they await their results on Thursday, and to tie in with this, the provider of instant online credit information, Equifax, have done a study into how what preparations families have made towards the costs of future university educations.

The study was held amongst users of their online credit report service, and it revealed that many families feel that they will be unable to support their children financially if they go to university. The current pressures on finances, coupled with expected rise in tuition fees for 2012 has meant that saving for a further education has been sacrificed.

Those who responded to the survey were asked by Equifax if they thought their children would be going to university, and 77/120 (64.2%) of respondents said yes. Nearly 50 % however, 60/13- respondents, said that were not currently saving towards the further education of their children. 120/146 (82.2%) also said that neither were their children saving to help put themselves through university.

The external affairs director for Equifax, Neil Munroe, said that whilst the response to the research had been small, the results reflected the views of individuals who were financially active and were, by means of completing the survey, interested in the education of our country’s future generations. He added that the issue of financing further education was clearly a big worry that was increasing.
“The fact of the matter is that that the majority of students will graduate with some level of debt. It is therefore essential that they try to manage their spending the best they can whilst studying to help reduce their overall level of debt which can influence their future after graduation.

“We also believe they should take control of their finances from the outset of adulthood, understanding all the factors that will influence their future ability to participate in society. Their credit information is a fundamental part of that process and they need to be aware of all the data held on their credit report and how it is used and assessed by lenders.”

Equifax believes that many students are unaware that any late payments and unpaid bills, even just for mobile phone or Cable and Satellite TV accounts will show up on their credit report and have a long-term impact on their credit rating. It therefore, urges students to get a copy of their credit report every year to ensure they understand what information will be used when they make applications for credit in the future.

The Equifax Credit Report, with the facility to access credit information for the first 30 days free, is accessible simply by logging onto www.equifax.co.uk. If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at £6.99 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.

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