Universities urged to give more financial advice

Universities and local education authorities should be doing more to help students manage their money, one expert advises.

They are being called on to make young adults aware of the bursaries available to them, says Johnny Rich, editor of Push.co.uk.

"The main problems with the current package is not its fairness or lack of it, but it is too complicated to be fair because the people who understand the system are the ones who are most likely to be able to pay for themselves," he points out.

Mr Rich also urges the government to come up with a simpler package to help students fund their university costs, saying that a complicated process puts people off.

A survey by the Association of Investment Companies reveals that 42 per cent of students expect to be paying off their university debt for more than a decade.

One in four expects their debt to reach more than £20,000 during their studies.