photo credit: stuartpilbrow
Accounting software provider Accountz has released some research on what students would like from their banks.
Over half of students feel that the current resources being provided by banks to help manage their finances are simply inadequate, and they favour budgeting tools over the normal sorts of incentive, such as iPods, travel cards or record vouchers*.
When it comes to finances there is a misconception that students are somewhat laissez-faire when it comes to managing their money. In fact over 66 per cent admit to regularly monitoring their bank account activity, as well as budgeting for expenses. With the cost of going to University generally increasing, there is ever more incentive for students to keep an eye on their money and make sure none is being wasted.
Students would like to see more tools offered that would allow them to manage their finances in a clear and easy-to-use way. Over 84% of surveyed students felt that this would dramatically improve their ability to budget and help them gain control of their finances. Over half of students felt that this would be a key incentive encouraging them to join a bank.
Key findings of the survey:
- 52 per cent of students are now managing their weekly budgets through online banking
- Over half of students have more than one bank account to help them manage their money
- Travel incentives were the most common enticement offered by banks to students with over 40 per cent saying they had been offered discounted travel cards as well as reduced travel insurance
- Despite the option of extended overdrafts and student loans 60 per cent of students still had concerns when it came to managing their money
* We’re not sure whether these actually still exist?
- Tablet Banking “Failing To Take Off” (September 1, 2016)
- HSBC Launches “Connected Money” App (May 9, 2018)
- Brits ‘Overwhelmed’ & ‘Stressed’ By Money Management (January 12, 2017)
- Banking Apps “Save Brits Average of £173 a Month” (April 13, 2021)
- Budgeting Apps “Lead To Overspending” (January 13, 2021)