Research from Nationwide Building Society reveals that money mistakes are the most common regrets among students. Six of the top seven mistakes identified by students are related to money, including failing to budget, overspending on nights out, and mismanaging student loan payments.
Tom Riley, Nationwide’s director of retail products, stated that current students feel greater financial pressure compared to previous generations.
Erin, a 21-year-old psychology and cognitive neuroscience student at the University of Nottingham, shared her strategies for managing money. She sets a budget and uses savings from her job to cover any overspending, which helps her to consider purchases carefully. She also makes use of discounts and pools rewards with friends, such as using Nationwide FlexStudent vouchers for shared meals.
To save money while maintaining a social life, Erin has volunteered at events to gain free entry to gigs and festivals, including seeing Oasis for free. She also earns money by selling secondhand clothes and upcycled items online.