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University a 'financial culture shock'

University is a financial culture shock for many young people, according to the Personal Finance Education Group (pfeg).

It warns that while the majority of school leavers believe themselves to be good with money, there are stark differences between living at home and managing a weekly budget.

"Many young people initially think that they're good at managing money, sometimes because they haven't yet got much experience of doing it," said Alastair Mathews, director of policy for pfeg.

He added: "There are so many unexpected and new challenges once you're into university - even weekly shopping is a new challenge."

There are growing calls for personal finance to be made compulsory at GCSE level to address the nation's growing debt problem.

Britons owed more than £1 trillion at the end of last year, which could lead to serious problems as credit becomes harder to obtain.

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