Students 'can be tempted to put luxury goods on credit cards'
Students are often tempted to put luxury goods on their credit card, according to HSBC.
Students 'can be tempted to put luxury goods on credit cards'”
Students are often tempted to put luxury goods on their credit card, according to HSBC.
The credit card provider suggested if students do not have enough cash to by something of a necessity, they should consider waiting until they have saved up enough money to buy it.
The suggestion follows the release of new research from HSBC and the National Union of Students (NUS), which shows students increasingly feel under financial pressure in their final year at university.
According to the study, over 40% of final year students rely on paid income to pay their bills at university, in comparison to 26% of first-year students.
This increase could be due to poor financial decisions throughout the first two years of study and additional costs for materials used for final projects, forcing students to look for work.
Research from the credit card provider also revealed male students spend around 30 per cent more each week on socialising than women.
Men spend around £33.50 whereas women spend approximately £25.70, HSBC said. "The final year at university is such an important time for students and they should not have the distraction of worrying about their finances."
HSBC is currently offering a credit card with 0% for 15 months on balance transferred within 30 day s of opening the account, with a 2.9% balance transfer fee.
The typical rate on the card is 16.9% APR variable, after the introductory period.
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