In 2020, students graduating from English universities will have incurred an average of £40,280 of student loan debt, £24,960 in Wales and £23,520 Northern Ireland, and £13,890 in Scotland. How many of them are encouraged to use a digital app to help manage their finances? Looking at the open banking stats – hardly any.
There are so many financial management apps that would help students better navigate their way away from over-indebtedness with support and messaging prompts designed to curb damaging spending habits and promote sensible saving. What is your organisation doing to encourage students to use currently available financial management apps designed to help them better understand and manage their income and outgoings?