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Universities call in the FSA Money Doctors as research shows a third of students are constantly overdrawn.
FSA/PN/106/2008
23 September 2008
As the new university term begins, the Financial Services Authority (FSA) has set its sights on introducing its Money Doctors financial education programme to 50 more universities this year as research shows that young people are least able to manage their finances among UK adults.
The FSA’s Money Doctors project helps students in higher education become financially competent encouraging them to confront debt and to take control of their own finances before they get into difficulties. So far, the FSA has helped train 100 student money advisers at 50 universities across the UK and hopes to double that number in 2008/09.
The importance of the project – which is delivered through student money advisors at higher education institutions across the UK – has been underlined by FSA research which shows:
“The FSA’s Money Doctors programme is a new approach to financial education and seeks to address some of the causes of student financial problems. Our research shows that young people are least able to manage their finances and this is why much of our work targets this group.
“We have found that Money Doctors has had a positive effect on the 90,000 students we have already reached through our work and in most cases they have learned to manage their money better.
“Our Money Doctors work is part of the National Strategy for Financial Capability which aims to find ways to improve the nation’s financial capability and understanding of money matters.”
In 2005, the FSA started the project at Roehampton University to develop new and proactive approaches to engage students to take control of their own finances before they faced difficulties, and to confront debt problems. The project produced a toolkit with an educational resource and a practical guide to setting up the Money Doctors programme. The toolkit also included sample business cases for universities, highlighting the benefits for widening participation, retention and employability.
By 2011, the FSA aims to make all 168 UK higher education institutions aware of, and use, the Money Doctors toolkits and training available and proactively provide their students with information, education and guidance about their personal finances.
FSA/PN/106/2008
23 September 2008
As the new university term begins, the Financial Services Authority (FSA) has set its sights on introducing its Money Doctors financial education programme to 50 more universities this year as research shows that young people are least able to manage their finances among UK adults.
The FSA’s Money Doctors project helps students in higher education become financially competent encouraging them to confront debt and to take control of their own finances before they get into difficulties. So far, the FSA has helped train 100 student money advisers at 50 universities across the UK and hopes to double that number in 2008/09.
The importance of the project – which is delivered through student money advisors at higher education institutions across the UK – has been underlined by FSA research which shows:
- One-in-three students are constantly overdrawn;
- Two-in-five students admit to being completely disorganised about their money; and
- One-in-three never check their bank statements or, if they do, they only check the final balance.
“The FSA’s Money Doctors programme is a new approach to financial education and seeks to address some of the causes of student financial problems. Our research shows that young people are least able to manage their finances and this is why much of our work targets this group.
“We have found that Money Doctors has had a positive effect on the 90,000 students we have already reached through our work and in most cases they have learned to manage their money better.
“Our Money Doctors work is part of the National Strategy for Financial Capability which aims to find ways to improve the nation’s financial capability and understanding of money matters.”
In 2005, the FSA started the project at Roehampton University to develop new and proactive approaches to engage students to take control of their own finances before they faced difficulties, and to confront debt problems. The project produced a toolkit with an educational resource and a practical guide to setting up the Money Doctors programme. The toolkit also included sample business cases for universities, highlighting the benefits for widening participation, retention and employability.
By 2011, the FSA aims to make all 168 UK higher education institutions aware of, and use, the Money Doctors toolkits and training available and proactively provide their students with information, education and guidance about their personal finances.
