The Quickie

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Posts Tagged ‘students’

Is university a credit crunch haven? Continued

Posted by allie1985 on October 29, 2008

While the whole country seems to be in a financial meltdown, some of the Students at Westminster University are still living the high life.

Why are they not affected?

 A few students have made no changes to their spending whatsoever, although it might be because they have jobs as well as loans to fund them.

 Students

 

Sophie Spurgon who is a 1st year studying for a BA Digital Imaging and receives a full loan of £6,475. She mainly uses her loan to pay for Driving Lessons; the rest is put into savings.

“The credit crunch hasn’t affected me at all, although working definitely helps me financially”. Sophie works in a Camera store and lives on campus. She spends her extra money on going out, and designer clothes. She has no plans to cut back.

2nd year, Cameron Tariq is studying computer science and  has a similar point of view “I haven’t been affect by the credit crunch as I don’t spend much anyway”.

He mainly spends money on “boying up” his car, and smoking. He thinks he has so much money because he does not drink.

Cameron works one day a week in Homebase and reckons “the extra £100 a month really helps”.

 

Spending

What students say about their spending seems to be confirmed by the university Upper Crust sandwich bar. According to Mary who works there, “Students always spend whether they have money or not. I have not noticed a difference in sales at all over the three years I’ve been here”.

Eileen Shredd, the Student Union Shop Manager says much the same thing. She admits that prices has recently gone up due to suppliers increasing their prices but says, “If anything, we are doing better than before”.

According to Eileen, more students are coming to she shop since the canteen has also increased its prices. In the shop a bottle of coke is 95p whereas in the Canteen it costs £1. The shop also sells water for 50p whereas it also costs a pound in the canteen.

 Not everyone is happy

 

One student, Aaron Dixon, does feel affected by the credit crunch. He is a 2nd year photography student and unlike the other lives off campus in Kenton Road.Like Cameron and Sophie, he receives a full loan. He also works 3 days a week in a swanky hat shop called New Era. Aaron spends most of his money on rent, clothes and food.

“Certain things like bread, milk and eggs have really gone up. They are more expensive than usual. I really just try to buy what’s on offer”

Aaron has also started going out much less, “Clubs are just charging excessive prices and drinks have gone up lots”. It seems that having to pay for food, bills and travel really affects the student lifestyle.

The key to having an easy ride in the credit crunch is as follows- be an eternal student, but make sure you live on campus and have a loan.

Other articles on Students facing the credit crunch

Get Graduate warning

NUS warns students

 Alexandra Murphy

(alexandra.murphy@my.westminster.ac.uk)

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Is university campus a credit crunch haven?

Posted by allie1985 on October 29, 2008

While the whole country seems to be in financial meltdown, the Students of Westminster University are still living the high life.

Why are they not affected?

The majority of students have made no changes to their spending whatsoever, although it seems to be because they have jobs as well as loans to fund them.

 

 

 

Top 5 Student Splurges

  • Alcohol
  • Clothes/Shoes
  • Takeaways
  • Renting DVDs
  • Petrol

 

by A. Murphy

alexandra.murphy@my.westminster.ac.uk

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Patricia Pleased with Pensions

Posted by allie1985 on October 28, 2008

Since the 1990’s Baroness Patricia Hollis has been campaigning for women to get a better deal on pensions.

Last week she finally got her wish.  The government have amended a bill to let women buy back their missing National Insurance payment years.

She said: “It’s really good news. Women too often have to choose between looking after themselves and looking after their family. “By enabling them to buy back their missing years they can now recover some of their lost pension”

“Other groups which could benefit include people who are self-employed and those who took time out to be a student or to go abroad”

However the Baroness does point out that the Government improvements could make a few women worse off

“It only makes sense if you have at least 20 years of contributions already or you could be better off on the married woman’s stamp or with pension credits.”

This is an important move as currently only 35% of women receive a full state pension.

 History 

Previously ministers had rejected Hollis’s campaign and refused to let women improve their pensions by allowing them additional top ups. They were allowed to ‘buy back’ up to six years but that was as far as the Government would go to improving the situation.

However last week James Purnell, secretary for work and pensions,  decided to amend the new Pensions Bill to enable all people to buy back another six years. That makes a total of 12 years that people can buy back.

 Improvements to the bill 

The bill is set to be debated in the Lords next week and includes other improvements for women’s pensions.

A new system of NI credits is to be set up. This will recognize the value in unpaid work caring for children, elderly relatives and the disabled. People who do these jobs will be credited just as those with normal paid jobs are.

By 2010 the amount of contributions needed to be made by people to receive the full state pension will also be decreased. It is currently set at 39 years for women and 44 years fro men. Under the new law, both will be decreased to 30 years.

 BBC Article 

Main article

Alexandra Murphy

(alexandra.murphy@my.westminster.ac.uk)

 

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