Candyce Braithwaite

Students not ready to run budgets

MANY school leavers may not have the financial literacy skills they need to manage their budget when they leave home for university.

A Queensland University of Technology study released on Thursday asked more than 400 university students about their home budgeting.

The study found more than 57% thought they had a "high understanding of budgeting", but just 4.4% were able to correctly answer questions on how long it would take to reach specific savings goals within a set budget.

It also found some 65% of first year tertiary students aged 20 years old or younger thought they were "unprepared for (the) financial life skills" they needed as adults.


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