/24-7PressRelease/ - LONDON, UK, June 08, 2006 - Students need to increase their personal finance in order to meet the cost of living at University level. The survey carried on by the Royal Bank of Scotland emphasises that the school leavers were underestimating the need for personal finance whilst at the University, resulting in huge deficits.
The Royal Bank of Scotland found in a survey that the school leavers need to prepare themselves financially for meeting the cost of living at university level.
Absence of financial planning on the part of school leavers mean that they may be seriously underestimating the cost of living whilst at university to the tune of 110 million. The Bank found that indebted students were underestimating the cost of accommodation by around 47 million and undervaluing the cost of living by another 63 million.
The survey involving nearly 2,000 school leavers revealed that students attending Aberdeen University had the minimum hold on finances they would need. Students heading to Aberdeen University estimate that they will spend a potential 2,519.90 each term on living and housing costs. But, spending data indicates that students studying in Aberdeen actually spend a potential 3,180.50 each term on rent and living expenses. This means that new first year's students could face a deficit of 660.50 per term.
Paul Jeffrey, head of student banking at The Royal Bank of Scotland, said that its financial realism report emphasises the need for school leavers to prepare financially for university.
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