Parents can teach students about money

Fri, 13 Jul 2012

Parents have an important role to play when it comes to teaching students about the importance of money.

This is the suggestion of Michelle Highman, chief executive officer at Credit Action - a national money education that has promoted improved monetary thinking since 1994 - who explained although university goers need to take on more responsibility, mums and dads should be on-hand to lend assistance.

Ms Highman stated: "Parents can help students on their path to financial independence by talking to them about money and helping them develop sensible attitudes towards their money."

The comments come in response to new findings from Credit Action, which found financial matters represent some of the main concerns for undergraduates.

As well as youngsters being worried about the high tuition and living costs, it was found many also have reservations about their ability to budget and the prospect of managing their own incomings and outgoings.

The research also found 46 per cent of students have never sought personal finance advice from their parents - a proportion Ms Highman described as worrying.