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Helping students with finance
19 May 2016
One way to helping university students learn the valuable skill of managing their finances would be to introduce monthly maintenance payments, says ACCA’s CEO Helen Brand.
She felt that this would be better than paying one-third of the annual amount at the beginning of each term. This already happens in Scotland, she explained, and mirrors how payment is received in the working world much more closely.
Another initiative she would like to see would be the introduction of a savings account with incentives. The government could offer under-18s a match savings account based on an ISA incentive. So, if the student saves £1,000 the government would match this amount once the person enters further/higher education.
Brand pointed out that some 40% of students leave education with an overdraft, the average debt on the bank balance £894.
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