We share a vision of better informed, educated and more confident citizens, able to take greater responsibility for their financial affairs

Higher education

Higher Education: Money Doctors

The Money Doctors programme equips student money advisers with the knowledge, skills and resources to:

  • proactively educate students and encourage preventative actions to tackle money management before they get into financial difficulties, and
  • help students become confident with personal finances so that they can deal with financial issues whilst at university, and for later in life.

Who we help

University students: The Money Doctors programme helps students become financially confident and competent and able to take control of their finances before they run into problems. We developed and deliver the project through student money advisors – those that are trusted by students and know the issues they face.

Student money advisers: The programme equips advisers with the knowledge, skills and resources to educate and help students and encourage preventative actions. We provide training and a support network for student money advisers who are part of the programme. View information on the support and resources provided for Money Doctors here [LINK to Support for Money Doctors Fact Sheet].

Universities: The programme can enable widening participation and improve student retention, enhance the student experience, and improve student wellbeing. It is flexible, allowing advisers to adopt it to a level appropriate to their institution, and it builds on existing skills as well as encouraging the sharing of best practice. There is no charge for joining, or for using the training and resources provided.

‘I think Money Doctors has been the most comprehensive attempt to address student financial guidance...If Money Doctors didn’t exist, we’d have to invent it.' (National stakeholder)

Why does student financial capability matter?

To meet widening participation A diverse student population, with differing financial backgrounds, is now the norm. But the reduction of student grants and the introduction of tuition fees and student loans have increased the financial pressure, and many young people choose not to enter higher education because of a fear of debt.

To benefit the student experience Universities are under pressure to improve the student experience, but with limited resources, this can be difficult. A factor of the student experience - meeting living and educational expenses – relies on students being able to manage their finances.

To improve student wellbeing Students with money worries tend to be too concerned about their problems to focus on their studies, and their performance suffers. However, our research has found that increased financial capability can lead to increased psychological wellbeing.

(‘FSA Occasional Paper 34: Financial Capability and Wellbeing: Evidence from BHPS’, May 2009; ‘‘The relation of depression and anxiety to life-stress and achievement in students’, Andrews, B and Wilding, JM, British Journal of Psychology, November 2004).

To improve student retention Having money problems is one of the top three issues contributing to students dropping-out of university. Of the 30% of students who were considering leaving university, 46% said the main reason was money worries.

(‘Staying the course’, National Audit Office, July 2007; ‘Sodexo University Lifestyle Survey 2010’).

‘I wouldn’t be here if it wasn’t for them [Money Doctors]. I can honestly say that. If I didn’t get their advice then I’d be pulling my hair out somewhere.’ (Student)