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Skint students staying home

19 Jul 2007

Skint students staying home Almost a third of young people starting university this year are planning to live at home to save money, new research suggests.

The study by Lloyds TSB Scotland also found that worryingly, 34 per cent said if they didn't live at home, they wouldn't be able to afford university at all.

Many graduates say their university years were the best of their lives, but modern students seem to be increasingly weighed down by financial concerns.

Of those planning to live away from home, nearly a third admitted to being concerned about how to make their money last the full term.

Nearly 80 per cent of those questioned also said they planned to work during term time to try and make ends meet.

Mark Cockburn, retail network director at Lloyds TSB Scotland, said: "Students face higher levels of debt than ever before and while it's essential that they find ways to keep costs to a minimum it is also important that students think carefully about all the options.

"Living at home can seem like an easy way to save money but it can also mean compromising on valuable parts of student life, particularly the social side."

Alvin Hall, an independent financial expert, commented on a way of thinking well-known to students, saying: "Many students have the ability to shut down or seal off that part of their brains that know they must handle their money rationally and responsibly.

"This deliberate denial can only last so long before one has to begin dealing with financial problems that are now much bigger, and probably more desperate."

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