Student life: an education in finance – or not

I went to university having only had my debit card for nine months, and with no overdraft. I quite memorably sat in the bank and explained why they should never allow me to have one, and why I didn’t want to change banks just because I was becoming a student, even if a rival had a student account that came with a rail card.

But it seems I was lucky. Most of my peers had massive student loan injections and overdraft capabilities that still amaze me.

They were – and still are – living a life in debt. At age 21 – then, 18. Isn’t that terrifying? But as terrifying as it is, it is a reality.

But student loans are only part of the worry. Blackbullion found that 15 per cent of students are actually in debt when they start university and only 32 per cent proactively try to budget at all times. Another 44 per cent don’t have a savings account.

I’m lucky that my parents encouraged me not to spend my savings, and in turn, put money aside for me.

But personal information aside, what consistently strikes me as problematic is that, for my generation, the education system offers a considerable lack of life skills development.

Sure, learning facts and mathematical equations is important, but life is so much more than a textbook. Rarely is this theory practised.