There’s no doubt that young Australians often get a bad wrap for their impulsivity when it comes to making financial decisions - focusing too much on avocado-based breakfasts rather than saving for a future home.
But a new study of over 1,000 students from 34 universities across Australia has revealed that just 12% of students make their financial decisions with a “live large, worry later attitude”, while 88% actively try to budget and save for their future.
In fact, UniBank’s 2017 ‘Would You Rather?’ Report found that students are going to extraordinary lengths to save money - 76% admitting that they would walk up to a kilometre rather than cop a $2.50 ATM fee, and some suggesting that a potential date was just as much a chance for a free meal as a shot at love.
“Some stereotypes claim that students spend every dollar they’ve got on having a good time, but our research shows they are actually finding resourceful ways to manage their finances,” said Mike Lanzing, UniBank’s General Manager.
“Everyday decisions make every dollar count in the student world. From the 38 per cent who head to the op-shop for a wardrobe refresh, to the 76 per cent who will walk a kilometre to find a fee-free ATM and the 66 per cent who make the most of student discounts; students know how to boost their budget.”
The report revealed that despite their best efforts many uni students across the country were feeling a financial strain, with 46% admitting that they were stressed out by money issues while a whopping 80% said that they relied on friends, family and loans just to get by.
Thankfully it seems that the spirit of kinship among students is very much alive as 45% of those surveyed stated that they would be happy to feed a hungry mate every now and then.
So if you’re a uni student looking for ways to save money on your financial products, make sure you check out Mozo’s student-specific bank account, personal loan and credit card hubs for top deals just for students.
Three financial tips for student survival
For university students interested in making their finances stretch even further, UniBank has come up with some top tips:
- Put some extra money in your pocket by picking up flexible work through the gig economy with jobs through companies such as Airtasker, Uber or Deliveroo.
- Avoid signing up to lock-in contracts for your mobile or internet if you’re not earning a steady income. This way you’ll have more flexibility with your budget, especially if unexpected expenses crop up.
- Ditch account and ATM fees by switching to a bank which is fee-free. There are a number of banks which will provide fee-free banking for students.