Research: 57% of student account holders struggling financially

Many students are finding it tough to make ends meet, new research has shown.

More than half of all student account holders in the UK are struggling to make ends meet following the recession, new research has shown.

A study published yesterday (August 17th) by Lloyds TSB showed that 57 per cent of scholars across the nation are finding it tough to live on an average current account budget of less than £6,000 annually, half of which is derived from their student loan.

The latest Student Finance Report indicated that 40 per cent of those in further education are just about managing to meet their monthly outgoings, but 17 per cent stated they cannot afford their cost of living at present.

Jatin Patel, director of personal current accounts at the lender, commented: "With finances so tight, students need to ensure they are making use of all the discounts and money management tools available to them to help them manage their finances."

Last month, Lloyds TSB unveiled its 2011-12 student account, which offers benefits such as a no-interest overdraft of as much as £1,500.

By Mark Hornby