It may come as no surprise to hear that students are blowing all their student finances on drinking and partying hard – but it appears a new trend for cosmetic surgery is also eating into their very low coffers.
Maintenance loans have always been somewhat abused by students whether it be by splashing out on attending numerous parties or splurging out on dirty kebabs and burgers. But a recent survey has shown that the money is now being spent on more adventurous activities.
Fifteen hundred students were surveyed by the website the ‘Student Room’ all from a handful of universities and many claimed that they had, or were thinking of, using some of their loan money to have cosmetic surgery, whilst others admitted that they were spending money on travelling and going on once in a lifetime holidays.
Worryingly, over ten per cent said that once they had got their maintenance loan through, they had spent it within the first month on things such as gambling and going on nights out. The same percentage also said they had no idea what the consequences of their actions were and how this would affect them in the long term.
The survey also showed that when asked, over half of students had no clue as to how much debt they would be lumbered with when they graduated.
As more and more students continue with this mindset, though, the bank of mum and dad will have to continue to bail their children out as it appears the situation is getting worse.
Hannah Morrish, Student Room’s community manager,believes this could be the start of serious problems that affect how students manage their money throughout later life. She explained: “While it’s understandable that many students will experience some overspending, it’s clear that many need more guidance and support when it comes to balancing the books and staying in the clear financially.
“University is an expensive experience and students blowing their loans on expensive, non-essential items are more likely to get saddled with long term debt.”
The best bit of advice for students is to be careful with money and budget correctly. It sounds like a blasé comment and it is very difficult for young people to be sensible when thousands of pounds are sitting in the bank account, but it really is imperative that a bit of order is in place in order to prevent silly mistakes made whilst at university hampering the rest of adult life.