National Student Money Week is an annual campaign created by the National Association of Student Money Advisers to raise awareness about the money advice and support available to students at University and beyond.
This year’s National Student Money Week focuses on Less Risk More Reward.
Managing your finances can often feel like navigating a maze with no clear exit. The costs of tuition, accommodation, and daily living expenses can quickly add up, leaving many students feeling financially stressed. However, there's a simple yet powerful tool that can help you take control of your money and alleviate some of that stress: creating a budget.
Budgeting is not just about restricting your spending; it's about making informed decisions about where your money goes. By creating a budget, you gain visibility into your income and expenses, allowing you to prioritize your spending according to your needs and goals. Whether you're saving up for new shoes, aiming to pay off accommodation, or simply trying to make ends meet, a budget is your roadmap to financial success.
Register and dive into the Blackbullion Budgeting 101 video and pathway. This resource is designed to equip you with essential financial management skills that will serve you well throughout your life.
Fortunately, there are numerous tools and resources available to help University of Essex students create and maintain a budget. Two such resources are Blackbullion and Save the Student.
Creating a budget may seem daunting at first, but the rewards far outweigh the effort. By taking control of your finances and making informed decisions about your money, you can achieve greater financial stability, reduce stress, and work towards your long-term goals. With resources like Blackbullion and Save the Student at your fingertips, there's no better time to start budgeting than now. Your future self will thank you for it.
Gambling is the act of wagering money or valuables on the outcome of a game, contest, or other event with an uncertain result – is a common recreational activity enjoyed responsibly by many people. However, for some, gambling leads to significant problems that can negatively impact major areas of life. As a student, it is important to understand the line between responsible and problematic gambling, recognise signs of unhealthy gambling behaviours, and know how to get help if gambling becomes unmanageable.
Gambling does not need to be a full-blown addiction to cause disruption and harm. Problem gambling refers to any pattern of gambling behaviour that causes damage to one’s life or the lives of loved ones. Even occasionally borrowing money to gamble, lying about time and money spent gambling, neglecting other responsibilities to gamble, or gambling when feeling distressed can indicate a gambling problem. Other red flags include trying to win back losses by gambling more (chasing losses), getting irritable when attempting to cut back on gambling, and having obsessive thoughts about gambling.
Several interconnected factors influence gambling problems, including biological, psychological, and environmental causes. Biologically, gambling activates the brain’s reward system and releases dopamine, creating pleasurable effects that can become addictive to vulnerable individuals. Psychologically, mental health conditions like depression, anxiety, impulsiveness, and substance abuse problems increase the risk for compulsive gambling. The environment also plays a key role, as easy access to gambling opportunities and the normalisation of gambling by peers or family make problematic behaviours more likely to develop.
Left unchecked, unhealthy gambling takes a severe toll on the gambler and loved ones. Financial devastation through accumulated debt and bankruptcy is unfortunately common. Isolation, trust issues, and breakups frequently damage relationships. Legal problems, lost jobs, and dropping out of school can derail careers and education. Underlying mental health conditions like depression and anxiety also worsen. Tragically, problem gambling has one of the highest suicide rates among addictions.
The video features Nick, a former student who bravely shares his story of battling problem gambling. Nick reveals his struggles during the peak of his addiction, where he lost around £50,000.
If you recognise signs of problem gambling in yourself or a loved one, know that help is available through many pathways:
Problematic gambling often starts out innocently before spiralling out of control. As a student, be vigilant for warning signs, stay aware of campus gambling risks, and don’t hesitate to seek help if gambling becomes unhealthy. Resources exist to overcome gambling problems – there is hope for regaining control and getting your life back on track.
There are organisations throughout the country that have been offering support to people affected by gambling for many years and have a wealth of information they want to share. We have pooled together a small selection of articles most relevant to our student body. Please follow the links below to find some helpful information.
We understand university life can be demanding and stressful, particularly when you may have financial worries, and we want to ensure you receive the appropriate emotional and mental wellbeing support. Our Student Wellbeing and Inclusivity Service (SWIS) provides free, confidential help and guidance for any concerns that you might have during your time at Essex. They can advise and signpost you to the support available for mental and emotional health, disability support, academic concerns, financial worries, and accommodation issues.
Klarna and Clearpay etc. are what are known as "Buy Now, Pay Later" (BNPL) programmes, which you might have already heard of or used. It allows you to spread the cost of a purchase over a few instalments when you might not be able to afford the total cost straightaway. However, it doesn’t mean that you get to pay any less for the items you are buying, just that you have longer to pay for them in full.
BNPL services often entice users with promises of instant gratification and flexibility. With just a few clicks, you can acquire the latest gadgets, fashion items, or even pay for services without parting with your cash up front. However, this convenience can quickly spiral into a cycle of debt if not managed responsibly.
Failure to make timely payments on BNPL platforms can negatively impact your credit score if not paid. This can affect your ability to secure loans, mortgages, or even future employment opportunities. In addition, some BNPL providers may impose hidden fees or high-interest rates for missed payments or late fees and add to your financial burdens.
The one thing you should always remember is that any financial service like a BNPL scheme, can be used with success if you are careful and know for sure that you can afford to make the repayments asked of you, without putting yourself into financial difficulty.
Always consider if you would have bought the item through BNPL had it not been for the lack of a payment choice.
If the response is negative, you might perhaps pause and wait to make the purchase.
There are key warning signs to watch out for and avoid:
You have a budget plan, you’re aware of your income and expenses, and you can stick to your plan.
You rarely make compulsive spending.
Before making a purchase, especially for non-essential items, you take some time to consider whether it’s a want or a need. Delaying gratification can save you money in the long run.
Your loan or debt is under your control.
For further understanding of buy now pay later services, Blackbullion offers clear explanations, while Save the Student focuses on safety concerns with Klarna. The Conversation delves into Klarna's marketing strategies. To manage impulse spending, BetheBudget provides practical tips. These diverse sources equip individuals with essential insights for navigating BNPL services wisely.
As part of NSMW, Blackbullion is hosting a competition where students can win £500 for their emergency savings fund. In addition, participants have the chance to win £30 supermarket vouchers or £15 SU Food vouchers.
Blackbullion have created an exciting competition to help students grow their personal finance skills and wellbeing, as well as helping them tackle financial risk, amid growing financial pressures. All students who complete the brand new Risk pathway and collect the ‘NSMW 2024’ badge will go into a prize draw to win a £500 emergency fund. NSMW kicks off on the 4 March 2024 and runs through until the 8 March, while the Blackbullion competition runs until the 15 March - so be sure to log in and complete the pathway before then!
Join the National Student Money Week 2024 Blackbullion learning pathway via Chart My Path on Gradintelligence to discover valuable tips and tricks to help you navigate financial challenges.
Activity |
Date and time |
Location |
Info and resources stall |
4 March 11am - 2pm |
Albert Sloman Library |
Info and resources stall |
5 March 11am - 2pm |
Albert Sloman Library |
Info and resources stall |
6 March 11am - 2pm | Silberrad Student Centre |
Info and resources stall |
7 March 11am- 2pm |
Silberrad Student Centre |
Info and resources stall |
8 March 10am - 1pm |
Essex Business School |
Less Risk, More Reward: An interview with Tony Sales, formerly Britain’s Greatest Fraudster |
6 March 11.15am - 12pm |
Activity | When? | Where? |
Info and resources stall | 5 March 11am - 2pm | Southend Forum |
Less Risk, More Reward: An interview with Tony Sales, formerly Britain’s Greatest Fraudster | 6 March 11.15am - 12pm |
Activity | When? | Where? |
Info and resources stall | 4 March 11am - 2pm | Corbett Theatre Café |
Less Risk, More Reward: An interview with Tony Sales, formerly Britain’s Greatest Fraudster | 6 March 11.15am - 12pm | Teams Online – Register to attend |
The Funding team are always keen to hear from any students who would like money advice, information or who are seeking additional financial support. We have lots of information available on the University of Essex Money webpages and you can contact us at funding@essex.ac.uk
There are various funds open to students including the Hardship fund, Care Experience Bursary and DSA Laptop support fund. The applications are to be completed via Blackbullion and guidance notes are available to students online and we encourage everyone to have a look at the support we have available.
The Money Charity is also providing the Student Money Manual (.pdf). This helpful tool gives students useful information on student finance and managing their money at university.
We really hope that you enjoy and get a lot out of the National Student Money Week activities and resources.
If you have any questions or would like advice about potential additional financial support, please don’t hesitate to get in touch with us at funding@essex.ac.uk. We look forward to hearing from you.
Here at Essex we offer plenty of money advice, guidance and support that you can access at any time with the help from our support teams across the University.
Check out our webpages and top tips to help you manage your money throughout your studies and beyond.
Everyone has mental health – sometimes good, sometimes not so good and when it comes to finances, they can cause some real anxieties and worries.
If you're experiencing distressing thoughts and feelings, there is help available at the University, take a look at the support you can access.
Check out the Careers Services Blog which covers the world of online recruitment and how we can no longer rely on CVs alone.
Also join Steve and Caroline on Episode 7 of the Careers Services Podcast where they discuss the benefits of getting part-time work. Yes, money is one of them! However there are more that might not be immediately obvious.
External agencies also share useful resources that may help with your financial planning whilst at university. It is worth giving these a read throughout the week:
If you need any further help and advice, please contact or visit the Student Services Hub who will be happy to assist you.