Many students chose to stay closer to home to save costs, with promiximity to home the most important factor for 30% of prospective students – the third most important consideration behind university reputation (36%) and the quality of the course (42%).
The findings of the research come as HSBC UK launches its newest student account, an award-winning proposition2 that offers a range of features designed to support students with managing their money, including a guaranteed interest-free overdraft of £1,000 in the first year (and up to £3,000 in third year3) plus a £100 cash offer, when the account is opened.
Tom Wolfenden, HSBC UK’s Head of Retail Banking, said: “We know that it’s a challenging time for students at the moment so we are offering a number of features to our student account, including a £100 cash incentive and a guaranteed overdraft of £1,000 in the first year.”
The HSBC UK Student Account includes:
Tom Wolfenden added: “Our research also showed that four in ten prospective students want more education about budgeting. To address this need, we’ve created a range of educational resources to support students, as well as offering built-in app features such as Balance After Bills to help them with managing their spending easily and clearly to help alleviate some of the worry the increased cost of living is causing, and help them enjoy the experience of going to uni.”
Leila Taleb, HSBC UK Press Office: Leila.email@example.com
For the latest news and updates, visit the HSBC UK newsroom:
Notes to editors:
About HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$3,022bn at 31 March 2022, HSBC is one of the world’s largest banking and financial services organisations.
12,002 Respondents in total - 1002 University Students (currently studying) and 1000 Prospective university students (going to university in September 22 or September 23)
2Moneynet Personal Finance Award
3Only first year overdraft guaranteed, second and third year increase subject to T&Cs
4New customers only