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02 November 2005
Students are emerging from university with their eyes wide open to the realities of debt, according to a new survey.
Egg, the online bank, has shown that 47 per cent of students have seen their outlook towards credit fundamentally changed by their student debts with three-quarters vowing only to spend what they can afford upon getting a job.
A resounding 84 per cent sought assistance with their management of finances, saying that banks do not provide enough help for young people to steer clear of potentially-crippling debts.
Mark Nancarrow, chief financial officer for Egg, said that the survey clearly hinted towards changing attitudes in the younger generation.
He said: "Our research clearly shows that many students, already experienced in what they perceive to be unavoidable debt, represent a shift in attitude towards spending and debt.
"Whilst still intending to use credit in the future, it appears that the graduate of the noughties intends to adopt a responsible attitude towards credit, rejecting the 'have it now' attitude associated with the eighties and nineties."
Barclays recently showed that the average student now leaves university a staggering £13,501 in debt and paying this off is a tall order when on a typical graduate salary of £15,000.
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