Have you ever looked at your payslip and felt completely lost? Or wondered how to protect yourself from scams and fraud? Managing money can be tricky, but don’t worry—here are some practical tips to help you stay in control.
Even though financial education has been taught in schools since 2014, many students still leave school without knowing how to handle their money properly.
A survey from 2017—the National Student Money Survey—showed some surprising facts:
- 84% of university students feel stressed about money.
- Half of all students don’t fully understand their student loan agreement.
- 75% say they wish they had learned more about money before leaving school.
At Young Money (which is part of Young Enterprise, an organization that helps young people learn about money), we’re trying to fix this problem. We work with teachers and schools all over the country, using special financial education guides that show what students should learn about money from age 3 up to 19.
These money skills can be taught in different subjects, like maths, citizenship, or PSHE (Personal, Social, Health, and Economic Education). Even though there’s no big exam on money management, it’s one of the most important life skills you can have. If you don’t learn how to manage money, it can really affect your mental health and overall happiness.
Why Learning About Money Early Is Important
Kids start getting pocket money around age 7, and by 11, many can open their own bank account. At the same time, they’re also starting to use apps and shop online, which means they need to understand how money works. But even if you’re older, it’s never too late to learn!
Common Money Questions (You’re Not Alone!)
Do words like Annualised Percentage Rate (APR) confuse you? Have you ever wondered what the financial ombudsman does? Or maybe you’ve tried to make a budget but didn’t know where to start? If so, don’t worry—many people feel the same way. The good news is, there are simple ways to improve your money knowledge.
Test Yourself – How Much Do You Really Know?
Try answering these questions. If you’re not sure, or if you feel a bit unsure, we’ve included helpful resources to refresh your memory.
1. Can You Recognize and Avoid Scams?
Have you heard of phishing, vishing, or smishing? These are all types of fraud where scammers try to trick you into giving away personal or financial details. To see if you’d fall for a fake email or text, take the Take Five test.
And if you don’t think social media privacy settings are important, watch Cifas’ short YouTube video—it shows just how much of your personal information could be at risk!
2. Do You Understand Your Payslip?
More than 59% of young people aged 16–17 don’t fully understand their payslip. Here’s a useful tip: If you add a “0” to the numbers in your tax code, that’s roughly how much you can earn in a year before you have to pay income tax. For a full guide on understanding payslips, check out Barclays LifeSkills – Payslips Explained.
3. Can You Stick to a Budget?
Making a budget means looking at how much money you have coming in (income) and how much you’re spending. If you’re spending too much, you might need to cut back on non-essentials. The Money Advice Service has a great interactive budget planner that helps you create—and stick to—a realistic budget.
4. Do You Know Where to Get Financial Advice?
Managing money isn’t always easy, and mistakes can cost you. That’s why it’s important to know where to get help. Citizens Advice (online or at your local office) offers free, confidential, and unbiased advice on money issues.
5. How Do You Choose the Right Bank Account?
You’ll need a bank account for student finance and everyday spending at university. When picking one, compare things like freebies, overdraft options, and fees to find the best fit for you. The Money Charity’s Student MoneyManual is a great guide—just remember, flashy freebies shouldn’t be the only reason you pick an account. The most important thing is finding one that actually suits your needs.