Exploring National Student Money Week at UCL | UCL News

This week’s events, based on the theme Survive and Thrive: Building Financial Resilience have all been geared towards helping students manage their money, as paying back student loans and state pensions (which may look very different for us in a couple of decades) all come into play more quickly than we might want them to! 

It can be really hard to navigate managing your personal finances for the first time, especially if you’re not sure how to do it exactly. Personally, I have little real interest in finance, which might sound ignorant, but I’m a firm believer that you can’t feign genuine interest and have often found myself intimidated by complex economic concepts and financial terms (which used to be a source of shame for me, in all honesty, with my dad being an economist!). Financial literacy is often not taught in schools, when in actual fact money, and what we do with it, is a very important facet of everyday life and informs a lot of what we do. 

Josh Du Sautoy, Student Funding Manager at UCL Student and Registry Services, gives some insight into how students can get involved this week, and also make use of his team. He explains that the “Student Funding Advisory Team is a team of funding advisors to help students if they run into any financial hardship, to help students with tips on money management, making a budget and tips on funding for this academic year or next academic year.”  

“We just want to give students the information they need: either they are about to graduate or are away from home for the first time. They are in charge of their finances so for a lot of students, it can be daunting.” 

I know personally that some of my friends who study at UCL do not know how to save well (being perfectly frank), and I include myself in this. Given that this is the most financially “low” we are most likely to be for the rest of our life, it can be really hard to know how to save, but I think understanding how to do this is important. 

As Josh advises: “I know that when I was going to university, for the whole of my 20s I didn’t know how to save. Literally as little as when you get paid at the end of the month, you should put something away straight away instead of waiting to see how much money is left at the end of the month. This is really conducive to helping you build up your savings to make that small change.” 

I certainly agree with Josh here – it’s easy as a student to think, “I won’t worry about it now”, but it’s important to consider it. This is what Josh emphasises here – that the Student Funding Advisory Team is trying to equip students with the means to leave UCL with guidance and being well-informed about their next steps. 

My friend Marsha, a final-year Anthropology BA student here at UCL, has set up an ISA (and is way ahead of the curve than I am). She tells me it was quite simple to do once she had sought out the necessary information needed. 

Vivi Friedgut, the founder of Blackbullion, an app designed to help students gain financial skills, gave a talk to students this Wednesday as part of UCL’s NSMW, called ‘How to get rich slowly and build your wealth’. Viv tells me that “the reason students should get their financial knowledge sorted as early as possible is that time is the greatest asset we have: the earlier you start, the more likely you are to achieve the financial security you’re looking for. Blackbullion is a financial space for students to learn about money and how to manage it well. They can also find scholarships through the app.” 

Personally, I’ve tried a variety of part-time jobs throughout my studies. In fact, one of my first articles I wrote for Pi Media (the UCL student newspaper I am President of) was about advising students on how to make extra money. I started working in hospitality in my first year, and not only did it help me gain confidence and skills but it also it’s nice to be able to earn and spend your own money that you know you’ve worked hard for.  

As Josh affirms, “it all goes on the CV … it [can be] hard to apply for a job that requires experience if you don’t have that foundation of leadership or management experience, be that through working in a bar or retail, for example.” 

Josh also mentions the importance of figuring out what your money personality is – be it a hoarder, saver or a spender. A mix of saving and spending is advisable, although it is likely that your views on how you spend money will have been informed by how your parents or friends do it. 

Overall, a “practical and regimented saving routine” is what students should be focusing on, says Josh. “And part of National Student Money Week is to get students interested in it.” 

To any students unsure of how to manage their personal finances, or what steps to take, I strongly recommend making an appointment with Student Funding. The advisory team is based in Bidborough House near Euston, and they offer their services all year around: if you missed one of the talks this week or want a refresher, then get into contact with them. 

Students can discuss any money issues they may have at any point with the Student Funding Advisory team. Money Saving Expert also has a lot of handy information on their website regarding ISAs. A little more financial knowledge really does go a long way, so be sure to make full use of the Student Funding services! 

Find out more about Student Funding and managing your money: