{"id":2535,"date":"2016-09-16T16:22:34","date_gmt":"2016-09-16T14:22:34","guid":{"rendered":"http:\/\/www.erasmusmagazine.nl\/en\/2016\/09\/16\/eerstejaars-hebben-hun-financien-onder-controle\/"},"modified":"2025-12-19T11:22:09","modified_gmt":"2025-12-19T10:22:09","slug":"eerstejaars-hebben-hun-financien-onder-controle","status":"publish","type":"post","link":"https:\/\/www.erasmusmagazine.nl\/en\/2016\/09\/16\/eerstejaars-hebben-hun-financien-onder-controle\/","title":{"rendered":"First-year students have finances under control"},"content":{"rendered":"
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The standard student grant has been abolished and room rents and tuition fees are rising. Even so, first-year students are generally managing to weather this financial storm, an EM survey shows.<\/p>\n

\u201cStudents are greatest victim of purchasing power decrease in 2017.\u201d This was students\u2019 interest group ISO\u2019s headline at the end of August. Given these circumstances, EM\u2019s editors found themselves wondering \u2013 do first-year students know what they are getting into, and have they made sufficient financial arrangements to keep their heads above water? In order to help us find out, 138 students completed a survey on their situation and their expectations.<\/p>\n

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Percentage of parents that give financial support to their children, according to national Nibud research (left) and research by EM among first-year students at Erasmus University (right).<\/span><\/p>

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A little too optimistic<\/h3>

We can be proud of our first-year students. Generally speaking, students have a pretty good idea of the costs associated with being a student, although they tend to be just a little too optimistic. For example, students estimate their average monthly spend on shopping at \u20ac137, although the National Institute for Family Finance Information (Nibud) puts the figure at \u20ac161 per month and students expect to pay around \u20ac57 on health insurance premiums, while Nibud believes the monthly average to be \u20ac97.<\/p>\n

According to Nibud spokesperson Annemarie Koop, many students believe that they have their finances straighter than their peers who do not attend university. \u201cBut they don\u2019t know a thing about insurance policies. They don\u2019t know exactly what concepts such as deductibles, premiums and terms and conditions mean.\u201d<\/p>\n

In a study conducted this summer by the \u201cWijzer in geldzaken\u201d (More Sensible with Money) Platform, a very significant majority of parents indicated that they had prepared their children for living independently. Three out of five parents had sat their children down in order to identify expected income and expenses with them.<\/p>\n

Parents often provide support<\/h3>

EM\u2019s survey showed that parents are actively involved in their children\u2019s finances. Two thirds of students discussed their finances with their parents. 77.5 percent of students said that they received financial support from their parents, the average monthly contribution being \u20ac529.<\/p>\n

For students who don\u2019t manage to stay completely on top of their finances, Nibud spokesperson Annemarie Koop provided one more tip on how to limit the damage. \u201cAt least once in your time at uni, draw up a financial overview. Not only will it help you get a better understanding of what you are spending each month, it will also tell you what income is missing. For instance, many students forget to apply for a health insurance allowance, even though the application process is very straightforward.\u201d It is also important to check all your bank statements once in a while to get an idea of what withdrawals are being made. \u201cIf you do that, you may find that you are still paying membership fees for a club in your parents\u2019 village, even though you haven\u2019t attended a club event for years. Going through all these individual withdrawals will really help you make useful decisions. If you\u2019re still short on cash, it will help you determine what to cut down on.\u201d<\/p>\n

Read more about the EM survey into the financial situation of first-year students in the paper edition of Erasmus Magazine which is available from this week. You can find the <\/em>digital edition here<\/u><\/em>.\u00a0<\/em><\/p>\n\n\t

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