International students are a significant economic asset, contributing millions to the UK education system and serving as the lifeblood of our universities. However, do we pause to consider the challenges they face when arriving in the UK from overseas? Many hail from vastly different financial systems. In addition to adapting to a new country, leaving home for the first time, making new acquaintances, and studying diligently, they must also navigate unfamiliar financial landscapes. Often originating from cash-based societies, they may lack experience with banking, credit, and even contactless payments.
At times, these challenges can be overwhelming, significantly affecting students' mental well-being and leading to imprudent financial choices. This vulnerability exposes students to scams and financial harm, potentially resulting in the abandonment of their courses and a return to their home countries. Consequently, universities face lost revenue and escalating difficulties in securing the most talented students. This creates an imbalance that is devastating to the well-being of millions of international students; and see scams, mis-selling, poor decisions, and over-indebtedness in abundance.
Our objective this year is to collaborate closely with universities in crafting a financial education program tailored for international students. This initiative aims to offer a comprehensive understanding of money management and the financial system in the UK, ultimately ensuring the financial and mental well-being of all international students and providing the University with a legacy program.
"Teaching financial literacy helps teenagers develop healthy, lifelong financial habits. Research has long shown that when it comes to teaching kids how to manage their money, it's better to start young to build money knowledge and habits that will last a lifetime". Tynah Matembe
Let's work together to shape a generation prepared for financial success.
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