The Financial Inclusion Forum and MoneyMatiX are thrilled to announce a groundbreaking collaboration to tackle the financial challenges faced by international students in the UK, where over 81% of these students report experiencing financial stress.
FIF is a London-based, not-for-profit organisation that organises free, live events for people in the financial inclusion space to develop their knowledge and engagement in financial inclusion. Expert speakers are invited to share their thoughts on sustainable, innovative, scalable financial inclusion. The events serve as networking opportunities for London- and UK-based financial inclusion practitioners.
Antonella Abategiovanni, Executive Director of the Financial Inclusion Forum, commented: "We are very aware of the unique financial hurdles that students, international and non, in general encounter in the UK. This initiative with MoneyMatiX isn't just about raising awareness; it's about active engagement and providing real solutions, an important step towards ensuring that every student has the opportunity to succeed without being hindered by financial vulnerability."
Helping Universities to safeguard international students
This initiative aims to equip universities with essential knowledge and tools to safeguard students from financial pitfalls, ensuring a smoother transition and more secure academic experience. By preventing student dropouts, we also aim to protect universities' revenue and reputation.
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? How financially included are these students and do we all need to do more to move towards a level playing field for international students?
Many come 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.
Tynah Matembe, Founder of MoneyMatix added, “Financial inclusion is a subject close to my heart, and I am eager to collaborate with universities to create a level playing field for all international students. My goal is to empower them with the financial skills they need to gain confidence in managing their finances. We often take financial literacy for granted, but it’s important to remember that these students come from diverse cultures with different approaches to money management. I hope that my own experiences and journey as a first generation migrant will help educate these students to thrive and succeed in their new life in the UK”.
Lost revenue and reputational damage
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 sees scams, mis-selling, poor decisions, and over-indebtedness in abundance.
Free seminar
To kick things off, FIF/MoneyMatiX is hosting a FREE webinar for universities aimed at helping understand the challenges international students face navigating an alien financial system. Those interested in attending can register at: https://riverside.fm/studio/navigating-financial-challenges--enhancing-the-university-experience
Resources for International students
If you are an international student planning to study in the UK, we invite you to join our webinar. It will provide valuable insights and information. Alternatively, there are many excellent resources available to help you learn about the UK financial system and avoid financial harm.
The British Council is a British organisation specialising in international cultural and educational opportunities. They have some good money-saving tips for international students – these can be found HERE
The Times Higher Education also has some good practical budgeting times for overseas students – you can read their article HERE
Most good Universities will have some basic money advice for international students on their website – so check out and see what they have. Bath University, for example, has a good section on this topic. Check it out HERE
Finally, I would advise you to chat to your peers about any concerns or issues you may have. New to the UK – join The Student Room, they are the largest online community for school, college and uni students in the UK. Here you will be able to talk to other students about all things money. You can join them HERE
Most Universities will also have dedicated officers to help students with any money issues. Speak to the Student Services office who should be able to help.
Happy studying!
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