So instead of joining the one in five who would delve into their pockets before asking any questions, consider the other ways in which you might be able to help your child ease their way into good financial habits. After all, 54% of students admitted that their money management skills came from their parents.
The first step to help your child stand on their own two feet financially is encouraging them to set a realistic budget that they can stick to. But the second is to make sure that they know where to turn for support while they’re still learning to look after their money.
It’s a good idea to reinforce that they can always come to you if they find themselves in a tight spot. But it can be surprisingly tough for your newly-independent son or daughter to ask a family member for advice.
When we launched our FlexStudent current account, we developed a range of interactive education support tools to help make getting to grips with independent living easier for your child. They’ll find easy-to-understand information on every aspect of student life, including: budgeting (and a free budget-planner), choosing a student account, dealing with cash-flow concerns and keeping their money safe.
*Research from Vital Research and Statistics: total sample size was over 1,000 UK students and parents (614 parents of children who are about to go, currently at or recently graduated from university – survey ran from 01/08/16 to 08/08/16 and 400 undergraduate students aged 18 to 25 – survey ran from 01/08/16 to 16/08/16).