Young people planning to start university in September must make sure they are financially-aware before leaving home, an expert has insisted.
According to Michelle Highman, chief executive officer at Credit Action, it is "vital" for newcomers to higher education to fully understand how important it is to budget effectively prior to starting their degree.
Ms Highman explained that for many students, beginning university will represent the first time they have ever lived away from their parents and therefore their "first steps to financial independence".
Consequently, it is very easy for individuals to slip into a mindset that they are "financially indestructible" when they receive the first instalment of their student loan, but she warned this feeling will be short-lived.
With this in mind, Ms Highman said: "Knowing what your average income and outgoings are each month will help you keep track of your spending and on top of your money."