Ever looked at your payslip and felt completely lost? Or wondered how to protect yourself from scams? Don’t worry—you’re not alone. Managing money can be tricky, but here are some simple tips to help you stay on track.
Even though financial education has been part of the national curriculum since 2014, many students still leave school without knowing how to handle their money properly.
A 2017 survey called the National Student Money Survey found some worrying facts:
- 84% of university students feel stressed about money.
- One in two don’t fully understand their student loan agreement.
- 75% wish they had learned more about money management before starting university.
At Young Money (which is part of Young Enterprise, an organization that helps students 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 final exam on money management, it’s one of the most important life skills you can have. Not understanding money can lead to stress, debt, and even harm your mental health.
Why Learning Early Makes a Difference
Kids start handling money earlier than you might think—most get pocket money by age 7, and they can open their own bank account at 11. At that age, they’re also starting to shop online and buy apps, so knowing how to manage money safely is crucial.
But even if you’re older, it’s never too late to learn. Whether you’re confused about APR (Annualised Percentage Rate), don’t know what the Financial Ombudsman does, or have no idea how to create a budget, there are ways to improve your knowledge.
Test Yourself – How Much Do You Really Know?
Try answering these questions. If you’re not sure, don’t worry—we’ve included helpful resources to guide you.
1. Can You Recognize (and Avoid) Scams?
Have you heard of phishing, vishing, or smishing? These are all tricks scammers use to steal your money or personal details.
- Take the Take Five quiz to see if you’d fall for a fake email or text message.
- If you don’t know why social media privacy settings matter, watch Cifas’ short YouTube video—it shows how much personal info you might be accidentally sharing.
2. Do You Understand Your Payslip?
A shocking 59% of 16–17-year-olds don’t know what all the numbers on their payslip mean.
- Here’s a useful tip: Add a “0” to your tax code number, and that’ll tell you how much you can earn in a year before paying income tax.
- For a full breakdown, check out Barclays LifeSkills – Payslips Explained.
3. Can You Stick to a Budget?
Budgeting isn’t just about cutting back—it’s about knowing what you earn, what you spend, and where you can adjust.
- If your spending is too high, focus on essentials first.
- The Money Advice Service’s budget planner is a great tool—it helps you set a budget and actually follow it.
4. Where Can You Get Financial Advice?
Money mistakes can be expensive, so it’s important to know where to get help.
- Citizens Advice (online or at your local office) gives free, confidential, and unbiased advice on everything from debt to banking.
5. How Do You Choose the Right Bank Account?
You’ll need a bank account for student finance and daily life at uni. But not all accounts are the same!
- Compare freebies, overdraft limits, and fees before choosing.
- The Money Charity’s Student MoneyManual has great tips—remember, flashy freebies aren’t as important as finding an account that really suits your needs.
