Credit Action Student Panel Research: Final Reporting Presentation Charts March 2013
Objectives • To evaluate understanding of financial support and money management prior to receiving the Money Manual and again after its receipt • To collect attitudinal data about how young people approach financial independence • To compare responses from those who go to university and those who do not, in terms of profile, attitudes and behaviour • To measure the levels of readership, attention paid and perceived usefulness of the Money Manual • To compare the profile, attitudes and behaviour of those who read the Money Manual and those who do not • To consider whether knowledge of financial support and money management has increased since reading the Money Manual • To understand the impact of the Money Manual on young people and their financial decisions
Methodology and Sample (1) • An initial panel of 1,500 respondents was recruited. The sample requirements were that members must be aged between 17 and 20 studying for A levels/Highers or other qualifications or taking a gap year from education planning to apply or considering applying to university to start in September/October 2012 • All 1,500 respondents completed the Wave One questionnaire. • All respondents were invited to take part in the Wave Two questionnaire. 587 responses were obtained. At this stage some panel members had changed their intentions regarding applying to university. • The response rate at Wave Two was lower than hoped, and therefore an additional 300 new members were recruited. All new recruits were intending to start university in September/October 2012. • 887 respondents (including new recruits and those no longer intending to go to university) from Wave Two were invited to take part in Wave Three. 451 responses were obtained.
Methodology and Sample (2) • Recruitment was conducted using an online research panel. • When recruiting the initial panel members, quotas were set based on UCAS statistics to ensure the sample was representative of university applicants. • The data has been weighted by gender, type of course (arts vs. sciences) and type of school attended by respondents to bring this into line with the original targets for the panel (based on UCAS statistics). Weights were also applied to correct the bias towards those starting university in 2012 introduced by the recruitment of new members at Wave Two.
Timing The timings for each survey were as follows: Wave One – Panel Recruitment and Baseline Survey: November and December 2011 Wave Two – Panel Member Survey: September 2012 Wave Two – Recruitment of New Members: October 2012 Wave Three – Final Survey: January 2013
Intentions Regarding Attending University
Wave One: Intentions for University (Nov/Dec 2011) Total Sample 100% 80% 80% 60% 40% 20% 20% 0% I am planning to apply to university to I am considering applying to university start in September/October 2012 to start in September/October 2012 NB. Recruits were screened to ensure they were intending to apply or considering applying for university to start in September/October 2012.
Wave Two: Intentions for University (Sept/Oct 2012) Total Sample 100% 80% 62% 60% 40% 19% 20% 13% 6% 0% Currently attending Intending to attend Have applied/am No longer planning university or have a university this year considering applying to go to university confirmed place at but don’t currently to university to start university this year have a confirmed in another year (Sept/Oct 2012) place
Wave Two: Attendance at University By Intentions at Wave One (December 2011) Base: Original Panel Members only 100 No longer 9 13 planning to go 27 16 80 19 Applied / 10 considering 11 60 for another 29 year % Intending to 40 start / no 14 confirmed 65 58 place 20 Currently 31 attending / confirmed place 0 Total - Planning to Considering apply to uni applying (Dec (Dec 11) 11)
Wave Three: Whether currently attending university (Jan 2013) Base: Those who were intending to start university in Sept/Oct 2012 100% 94% 80% 60% 40% 20% 6% 0% Yes No
Wave Three: Whether currently attending university (Jan 2013) Total Sample 100% 80% 64% 60% 36% 40% 20% 0% Yes No
Wave Two: Reasons for not applying to university in 2012 Base: Those who intend to apply to university to start in another year. Leading Mentions 40% 34% 35% 30% 26% 24% 25% 20% 16% 15% 10% 5% 3% 3% 2% 1% 0%
Wave Two: Reasons for not applying for university. Base: Those who are no longer planning to go to university. Leading Mentions 40% 37% 37% 35% 30% 25% 20% 16% 14% 15% 13% 10% 4% 5% 3% 2% 2% 0%
Wave Three: Reasons for no longer attending university. Base: Those who were intending to go to university at the time of the second survey but are now no longer attending university. Leading Mentions 30% 28% 25% 20% 19% 19% 20% 15% 10% 5% 0% I wasn’t enjoying the I had to leave due to I had to leave due to I had to leave due to experience health reasons financial reasons academic reasons/I was struggling with my course NB. The results for this question are based on a small sample size (24 unweighted, 18 weighted) and so should be treated with caution
Profile of Panel Members
Wave Three: Profile: Gender Total Currently attending university Not currently attending university 70% 58% 60% 55% 51% 49% 50% 45% 42% 40% 30% 20% 10% 0% Male Female NB. Data has been weighted by gender to bring it into line with defined targets.
Wave Three: Profile: Ethnicity Total Currently attending university Not currently attending university 96% 100% 88% 83% 80% 60% 40% 20% 9% 7% 3% 2% 2% 2% 2% 2% 1% 1% 1% 1% 0% White Mixed Asian Black Other background background background background background
Wave Three: Profile: Type of educational establishment (detailed) Total Currently attending university Not currently attending university 70% 64% 61% 60% 60% 50% 40% 30% 24% 22% 19% 17% 20% 16% 15% 10% 0% 0% 0% 0% School Sixth Form Sixth Form College Community Other College/Further Education NB. Data has been weighted by type of school to bring it into line with defined targets.
Wave Three: Profile: Household financial situation Total Currently attending university Not currently attending university 70% 65% 65% 64% 60% 50% 40% 30% 25% 24% 24% 20% 9% 8% 8% 10% 2% 2% 1% 1% 1% 0% 0% We are well enough We have enough for We hardly have We need to borrow Not sure off to be able to the essentials, but enough for the money even for the afford the luxuries there is little left essentials essentials of life as well as the over for luxuries essentials NB. Panel member responses are based on their household situation at the time of the baseline survey. Recruits from Sept/Oct 2012 were asked to think of their household before starting university (i.e. Their family household).
Awareness and Usage of Financial Advice Publications
Wave Two: Awareness of student finance publications (in any format, either before or after seeing front cover) Total Sample 100% 80% 60% 45% 42% 40% 31% 31% 29% 20% 0% Aware of "Money Aware of "You can Aware of "A guide Aware of "The Not aware of any Manual for afford to go to uni" to financial Essential Student of the above Students" support" Guide to Finance"
Wave Two: Awareness of “Money Manual for Students” Total Sample 100% 80% 71% 60% 40% 20% 16% 15% 0% Aware of email/online Aware of paper/hard copy Not aware format format
Wave Two: Awareness of “A guide to financial support for new full- time students in higher education” Total Sample 100% 80% 60% 55% 40% 25% 21% 20% 0% Aware of email/online Aware of paper/hard copy Not aware format format
Wave Two: Usage of Each Publication: “Money Manual for Students.” Base: Those who recall having seen each publication. 100% 80% 60% 39% 40% 31% 20% 15% 7% 4% 4% 0% I have read all I have read I have read it I haven’t looked I haven’t looked Not sure or most of it certain sections briefly or at it but I intend at it and don’t thoroughly in detail skimmed to intend to through
Wave Two: Usage of Each Publication:“You can afford to Go to Uni ” Base: Those who recall having seen each publication. 100% 80% 60% 42% 40% 29% 20% 12% 10% 4% 3% 0% I have read all I have read I have read it I haven’t looked I haven’t looked Not sure or most of it certain sections briefly or at it but I intend at it and don’t thoroughly in detail skimmed to intend to through
Wave Two: Usage of Each Publication: “A guide to financial support” Base: Those who recall having seen each publication. 100% 80% 60% 40% 34% 28% 15% 20% 9% 8% 7% 0% I have read all I have read I have read it I haven’t looked I haven’t looked Not sure or most of it certain sections briefly or at it but I intend at it and don’t thoroughly in detail skimmed to intend to through
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