33% of 18-24 year olds scared to check their bank balance

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17th February 2016 11:19 - Financial Services

A new survey has found that around a third of students admit they are afraid to check their bank balance; a growing concern for student unions across the UK.

The study, which coincides with national student money week, highlights a potential national crisis with a new generation battling to deal with an ever growing debt. Students are facing the struggle of trying to fund their education in order to secure themselves a financially stable future.

The findings also confirmed that the current financial struggles were proving to have an increasing impact on individuals’ psychological state, with researchers finding that around 46% of students reported a lack of sleep due to their finances. Also, over 33% of 18-24 year olds believe that they will end up in debt this year adding to concerns that the financial hardships faced by current students will be deterring future individuals from entering a higher level of learning.

The vice-president of welfare at the National Union of Students, Shelly Asquith, said:

“With rents on the rise and grants being cut back, we are facing a national crisis of student poverty. This is not just having an impact on students’ wellbeing, but on who can and cannot access education. At NUS, we are making the case for more generous financial support and calling for action on the living costs students face every day.”

This comes after the accusation that ministers enforced a “legislative sleight of hand” by using a statutory instrument to terminate the provision of maintenance grants; a grant that has aided over 500,000 of the poorest students to fund life at university over the last few years.

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