24 Feb 2010

NSAFS find Savings are Top Financial Priority for Students

Over one quarter (28%) of students selected savings and 22% chose university fees as the two main areas of finance they wanted to learn more about. Students were given six financial topics to choose from: bank accounts; savings; mobile phones; loans and mortgages; university fees or debit, credit and store cards. The research forms the basis of the personal money management programme delivered by the NSAFS culminating in Money Week, 8 – 12 March, 2010.

Students in London showed greater consideration for their education, above savings, with almost 30% citing university fees as the financial topic they were most concerned about. And, with the Midlands and South East choosing university costs as their second-choice, after savings, students in and around England’s biggest cities are clearly thinking about their future education.

Sylvia Perrins, CEO for NSAFS said: “Young people are much more switched on to their money issues than people think, and want to know more about how to fund themselves through their education and formative adult years.

“It’s very encouraging that students want to save for their future, and continue their studies. The challenge lies in how young people will plan and create a pool of funds to help them finance their immediate and long term futures, and assist their continuing education at university.”

Overall, savings were also the top choice for FE students in the East of England, North West, South West and Yorkshire and Humber regions; however, information on bank accounts came above university fees in most colleges, suggesting managing their money, rather than education, is more important in these areas.

Participant colleges are using the information collated to help steer financial management training, informing tutorial sessions throughout the academic year.

NSAFS’ financial capability projects in FE colleges in England are funded by the Financial Services Authority’s ‘Money for LiFE’ project. The activities culminate in Money Week in March 2010, which is a dedicated week of fun activities to engage students in money management. Last year up to 15,000 learners benefited from money management training undertaken by NSAFS in three pilot regions. This academic year’s target for Money Week events is to reach 30,000 learners in 75 colleges.

The National Skills Academy for Financial Services offers national centres of excellence in education, skills training and development, led by employers to develop a workforce with the knowledge and skills they need to help service their customers’ financial needs.
Since launch in May 2007, the NSAFS network has grown from having four to over 20 training providers that are now located in seven regions in England.

For more information visit: www.nsafs.co.uk

END

For further information about colleges taking part in activities, please contact:
Sarah Evans-Toyne, Joanne McGilway or Saira Khan (Broadgate Mainland) 020 7726 6111 or email nsafs@broadgatemainland.com

Notes to Editors:

The National Skills Academy for Financial Services is a registered charity which was created with the express purpose of delivering world-class education and training aligned with employer needs in the financial services industry to people of all age groups and learning backgrounds, helping them to prepare for and develop financial services careers.

1: A total of 2365 students across 22 campuses, at 18 further education colleges in England completed a ‘money pledge’ postcard during enrolment and fresher’s fairs throughout autumn 2009, at the beginning of the NSAFS’ personal money management programme for 2009 -2010. Students identified from six financial areas, which were of most concern to them from: bank accounts; savings; mobile phones; loans and mortgages; university fees or debit, credit and store cards. For more about the National Skills Academy for Financial Services or to get involved with us see: www.nsafs.co.uk or email info@nsafs.co.uk

2. Money for LiFE is the further education project of the Financial Services Authority’s National Strategy for Financial Capability. NSAFS runs and delivers the project in England and aims to enhance the financial capability of over 30,000 learners in the 2009/10 academic year. There are a number of phases to this work: • Phase 1, during induction week, 16 colleges, nine from the NSAFS network of colleges cover themes including awareness and rights and responsibilities on financial matters.

• Phase 2, between October 2009 and January 2010, extended to 48 colleges. The theme of this phase is helping learners to recognise the signs of financial difficulty and take action. At the end of this phase, learners are asked to enter a prize draw by taking a ‘money pledge’ to improve their financial wellbeing.

• Phase 3 will be a ‘Money Week’ in March 2010. Target participation is 75 colleges and five other training providers across England. www.fsa.gov.uk/financial_capability/further_education/