The Mancunion

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University of Manchester launch new Finance facilities

Finance facilities available for all university of Manchester students

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The University of Manchester has launched a free new service on the My Finances tab of MyManchester.

Also accessible through Student Support and the Advice website, the main sections of the service are based from a survey of 60 students, conducted by Student Support, which asked what students most needed help with during their university experience.

As well as this, Manchester’s Student Support team won the finance in order to gain access to award-winning financial specialists Blackbullion’s online platform. The online platform, which will be available to all University of Manchester students, aims to improve students financial literacy through a series of short interactive sessions.

Blackbullion’s website states, “[A] lack of financial education can have a crippling effect on students’ well-being. Through empowering students to take control of their financial future we can positively impact on the student experience as well as retention, attainment and employability.”

According to an NUS article and research conducted by Blackbullion, 77 per cent of graduates were worried or very worried about their financial debt, but once using Blackbullion Online 89 per cent felt more comfortable about their financial future.

Katie Urnevitch, the university’s Student Money Adviser said: “Our partnership with Blackbullion came about as a result of our desire to empower our students to become financially-savvy and help to prevent money worries before they begin. The product is perfect for fitting around studies and a busy lifestyle in general as the interactive sessions are only 3 – 5 minutes long and can even be completed on a mobile.

“The resource has the added benefit of being attractive to employers as the sessions incorporate development of core skills (i.e. critical thinking, adaptability, future readiness and more) and upon completion, you can upload a certificate to LinkedIn as evidence.”

The new and improved My Finances tab covers everything ranging from budgeting, bills, food, travel, rent, risks, and deals. There you can also find a list of local places to eat with deals and discounts on offer, all based around Fallowfield and Oxford Road near university.

3rd year Law student Anna Grant created the money management section of the service as part of her Summer internship with Student Support. When asked about the new features she said, “the idea behind Blackbullion is fantastic. Considering four in five of us wanted financial education at school, the company are really filling the gap in the market to help students where we need it most. The main idea is to help students proactively save wherever they can.”

Recent research by financial advisory website Save The Student (STS) has shown that while the average maintenance loan sits at just £540 a month, students’ average monthly spend has reached £790. STS’s survey of 2,217 students in May and June of this year found 70 per cent of them don’t think the maintenance loan is enough to live off highlighting that there is a large demand for facilities such as Blackbullion and money management which aim to help and guide students through their finances.