Almost a third of Australian students are thinking about saving for their first home deposit, but 70 per cent say managing their finances is hard, a report reveals.
Westpac’s latest report on students found 89 per cent of students had made managing their finances a priority, with most considering that being financially savvy involved putting together a budget planner, having few debts, and learning how to invest.
Westpac’s head of youth and millennial markets, Ashley Gray, said while it was great to see money management at the top of mind for many students, most were finding it difficult to manage their finances.
The research also found that 38 per cent of ex-students said in hindsight they wished they had saved while studying.
“We know students are focused on the here and now with over half (52 per cent) saying they are concentrating on having enough money to live day-to-day and to maintain an active social life (40 per cent,” Gray said.
“However, once people move out of full time study, their priorities often change as they start to look at getting into the property market, investing in shares or taking an extended trip overseas.
“In fact, 31 per cent of students are already thinking about saving for their first home deposit. By putting aside $50 a week over three years of study, they would have saved almost $8,000 which is a fantastic start to realising their dreams sooner.”
The report found on average an Australian student spends $17,686.40 a year on rent, utilities, food, studying, technology, mobile phone, internet, entertainment, socialising, activities, and transport.
