Brit college students say cash has strained a uni friendship – with 5 tricks to cease it taking place
New research reveals that 55% of students say finances have caused friction with friends and for some the friendship ended altogether
Students can lose pals over cash(Image: Getty Images/Blend Images)
Money is proving to be an early test of university friendships, with over half (55%) of students stating that finances have caused tension in their relationships, according to fresh research by NatWest.
The survey by NatWest questioned 5,000 current undergraduates and discovered that for nearly one in 10 (7%), a friendship ended completely due to money pressures. Four out of10ten students (40%) reported experiencing strain or discomfort with flatmates over differing budgets and over half (58%) are owed money by friends or flatmates they don’t anticipate getting back, with almost one in five (19%) owed £50 or more.
These findings are part of new research into financial realities confronting today’s students. With two-thirds (66%) of those who received parental advice about university stating that at least some of it turned out to be outdated or inaccurate, NatWest has produced the Student Handover Report to transform current students’ first-hand experience into practical guidance for future students.
It found that…
- One-third (33%) of students began looking for second-year accommodation within the first month of their first term, bringing major financial decisions into friendships that may only be days or weeks old.
- Nine in ten students (92%) have turned down a social event because they could not afford it.
- Almost two-thirds (64%) have made an excuse to skip a social plan rather than admit they were short of money.
- More than a quarter (28%) identify money as the single biggest barrier to their university social life, ahead of time pressures, distance from campus or not knowing enough people.
We have some top tips to stop money getting in the way(Image: Getty Images/iStockphoto)
Despite failing to acknowledge money is tight, university must make financial conversations more routine. Nearly two-thirds (65%) say they’re more willing to discuss finances with mates than they were before university, while 79% have assisted a friend or flatmate with a money problem, whether by covering their portion of something (20%) or helping them to budget and hunt down better deals (29%).
The costs students didn’t see coming Socialising is just one aspect where the financial reality of university life differs from students’ expectations. Over half (57%) admit they hadn’t anticipated the cost of everyday living, with one in five (20%) splashing out more than £100 on unexpected expenses in their first week alone.
Among students who receive a maintenance loan, four out of five (81%) have run out of cash before their next payment at least once, including 41% who say this happens most or every term.
While the research underscores the financial strains many students grapple with, it also highlights the financial skills acquired through university life, with over three quarters (76%) stating they are now more confident managing their money than when they first arrived. Many also report developing practical penny-saving habits, from meal planning and batch cooking (39%) to switching to cheaper alternatives for everyday essentials (43%), while a whopping 85% have a side hustle on the go.
What current students want freshers to know
The Student Handover Report compiles practical money advice based on the experiences of current students. Among the key lessons for the next intake are:.
Don’t dodge the money chat: If a plan is beyond your budget, speak up rather than making an excuse. Being honest can make it easier for everyone to suggest something that works.
Don’t let shared costs become shared drama: Discuss bills, food and who owes what before it turns into a problem. Sorting out the basics early can prevent awkward chats later on.
Make saving part of the social plan: If cash is short, propose something more affordable rather than missing out entirely. Students say film or gaming nights indoors, park meet-ups, strolls and studying together are all ways they hang out without splashing the cash.
Budget for fitting in, not just moving in: Freshers’ week, society events, impromptu plans and the daily expenses of meeting new people can mount up rapidly. Students suggest setting aside money in your budget for the social aspect of settling in, alongside the obvious necessities.
Don’t make full price your default: Current students advise getting savvy about how and when you spend – from yellow-sticker food and student reductions to purchasing second-hand, flogging what you no longer need and splitting costs where it makes sense.
Paul Slinger, Head of Customer Onboarding at NatWest said:. “Starting university is a major step towards financial independence, and it can bring money decisions that are difficult to anticipate before you arrive, particularly when new friendships, shared living and social plans all come with their own financial pressures.
“At NatWest, we support one in three UK families and we want to help young people feel confident taking action with their money, from setting a realistic budget and speaking openly about what they can afford, to looking out for the little wins that can help money go further. That’s also why our Student Account includes practical benefits designed to support students day to day.”
Sorting out a bank account represents another aspect of getting ready for university. The NatWest Student Account currently offers a £100 cash incentive, an interest-free arranged overdraft of up to £3,250 and a four-year tastecard.
The complete Student Handover Report can be found at https://www.natwest.com/life-moments/students-and-graduates/student-handover-report.html.
