Post Office financial services could help students save

Mon, 17 Oct 2005

Students are being urged to be realistic about money matters and budget for their weekly expenditure.

The Post Office found that a third of students fail to draw up a weekly budget. However, those who have worked out a financial plan don't think they will stick to it.

With three-quarters of young people saying ATMs are the most popular way of accessing cash, they run the risk of withdrawing and spending more than they need, the Post Office warns.

It says that because ATMs only dispense £10 or £20 notes, student have to round up the amount they need.

"What students may not realise is that the Post Office offers a fee-free cash withdrawal service that lets you withdraw exact amounts, rather than rounding up to the nearest £10 - a useful budgeting tool that could help to manage finances throughout the year," commented Graham Halliday, the banking and financial services director at the Post Office.

Banking customers of a number of high street banks and building societies can withdraw exact amounts from one of the Post Office's 14,600 branches – without being charged a fee.

Other budgeting services offered to students include home insurance, bill payment services and a savings stamps scheme.

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