UK high street bank Lloyds TSB has launched an online hub for university students that offers tools and tips designed to help them manage their money.
Around three quarters of 17 to 25 year olds planning to start a degree course this autumn think money management is especially important in the current economic environment, according to a poll of 1052 for the bank. Yet one in ten admit that their understanding of all things financial is below, or well below, average.
Lloyds says its new "savvy student hub" aims to help tackle these money concerns by providing account holders with a variety of online resources.
The hub includes a "smart saver" application that students can add to their Facebook pages to let friends and family make donations to savings goals using PayPal. Students can track the progress of their fundraising and retrieve the money from PayPal when goals are reached.
An interactive online map helps users locate retailers in their area that offer discounts on goods or services to people with an NUS (National Union of Students) Extra card, which is free for Lloyds student account holders.
The hub also includes written and video money managing tips for students and parents, covering accommodation, food and graduation.
Catherine McGrath, director, current accounts, Lloyds TSB, says: "Students-to-be are telling us that they are concerned about managing their finances during their degree course and that, in the current environment, money management is more important to them than ever before."
She continues: "We hope the hub will show them that it is possible to study on a budget, and also that they're not alone in being concerned about looking after their pennies during their degree course."