'If I am lucky enough to earn enough money in my future career, I want to invest it in improving the world – educating others about how we can provide a sustainable future for our children.' Heather Parker, 19, Cambridge University

Making the most of the student loan

Sleeping all day, endless partying, huge debts and regular bail-outs from mum and dad – maybe that’s the traditional view of life as a student, but it’s not what the survey reveals.

Most respondents appear to have a measured approach to their finances: only a tiny 3% intend to blow their student loan on having a good time. As you’d expect, 75% intend to use it for day-to-day living. But a significant minority – 12% – are far cannier and plan to invest their loan in a high interest account and make it work a bit harder. Younger, male and Scottish respondents are the most likely to do this, and the figure reaches 18% among those respondents who rate themselves as financially competent.

Good with money

Financial competence does not appear to be in short supply: 19% say they’re very good, 62% quite good and only 17% quite or very bad at managing money. Their plans for any spare cash seem to bear this out, with the most popular plan being to save it (69%). 40% would use it to pay off debts, and spending it comes third at only 39%.

UK respondents are most likely to want to pay off debts. 44% mention this compared to around30% of Europeans and Africans, and only 21% of Far Eastern
students. Maybe Brits are just more likely to have debts.

Older and wiser?

Only 18% of the under-19s think of themselves as very good with money, compared to 27% of over-30s. Despite this, younger respondents seem to have more financial nous. 15% plan to put their loan in a high interest account compared to only 7% of over 30s. More of them plan to save spare cash (75%) than their 30+ counterparts (54%). But more of them also plan to spend it (44% compared to 20%) – perhaps suggesting they are as yet unwilling to face the reality that they can’t do both.