With the new university term starting this month, money stress among young adults is once again in the spotlight. In fact, 72% of students report feeling hopeless about their financial situation, and Aqua’s survey of 500 18-24-year-olds reveals the knowledge gaps and misconceptions that make financial management more challenging.

Key Findings

• More than 1 in 5 (21%) 18-24-year-olds wish they had learned how to invest sooner

• Nearly 1 in 5 (19.2%) 18-24-year-olds want more guidance on building an effective budget

• 18.6% of 18-24-year-olds say they wish they had known more about the significance of a credit score before reaching adulthood

Other key findings from the data:

• 18-24-year-olds are more likely to turn to TikTok (22.2%) than to their university (15.8%) for financial guidance

• Nearly a third of 18-24-year-olds (30.3%) say they would rely on friends and family above any professional or institutional source

• 20% of 18-24-year-olds  explicitly distrust schools and universities for financial advice, highlighting a significant credibility gap

Sharvan Selvam, Commercial Director at Aqua, shares insights into the findings: “These results show that many young people feel underprepared when it comes to managing their money, especially around credit and budgeting. It’s worrying to see such high levels of stress around finances at such a formative stage in life, and it highlights the need for more practical, accessible guidance.

“There are a few simple steps that can help students feel more in control.

1. First, for activities such as entertainment or shopping, it’s recommended that you set a monthly budget and determine which items fall within it. Before buying anything you don’t really need, give yourself time to think about it to ensure it’s something you truly need or want , rather than impulse buying.

2. A budgeting app can be a great way to track recurring charges and identify any hidden fees, allowing you to cancel services you’re not using. These small changes can help you cut back on unnecessary spending.

3. It’s also important to understand how everyday habits impact your credit score, things like paying bills on time, keeping balances low, and not applying for too much credit at once. A strong credit score not only helps with future borrowing but can also make essentials like renting a flat or getting a phone contract much easier.

4. Set automatic payments for your regular bills, but pay for subscriptions manually so you can review their usage.

5. Finally, if money worries are causing stress, don’t keep them to yourself. Talking to a trusted friend, family member, or even a professional adviser can help you see things more clearly and feel less isolated. Often, just sharing concerns is the first step to finding a practical solution.”