Kippers or Red Herrings?

Recent news has made much of parents stretching their finances to cover costs for their twenty and thirty something children. Debts and high property prices have forced many offspring to return home, tail between legs, under the attractive new marketing term of "kippers": kids in parents' pockets eroding retirement savings.

Many graduates have developed significant debts from university and have accumulated further debt in the competitive graduate market. Student life provides an incubated protection from the reality of financial concerns and fresher fairs become increasingly populated by banks, mobile phone companies and other brands wishing to tap into the students' borrowed finances.

It is true that many young people have got themselves into very uncomfortable financial positions because of careless spending. The ethics of student finance are somewhat dubious with many financial products branded "student", not necessarily offering the best deal. Most shops, bars, cafés and restaurants on university campuses are fully commercial enterprises designed to make profit, without wanting to fit around a student's pocket. Tuition fees, whilst significant, are not the biggest problem for students.

Most students run up debts because of inadequate life skills. They're not used to doing their own washing, they don't sew, some can't cook and most have never been in charge of their own finances prior to university. If it's broke, just buy a new one. One male student reported preferring to buy take-away food, rather than cook his own food, also often buying new shirts to save washing and ironing old ones. An American exchange student, who had never been taught to do her own cooking, used some of her $90,000 loan to live on take-ways, convenience meals and restaurant food whilst studying in London.

If 16-18 year olds were forced to take a gap year before university and undertake a period of community work and life skills training, it is unlikely that they would graduate with the same level of debt. Just like binge drinking, smoking in public places and increasing levels of obesity, debt accumulation is part of a distorted value system. The kids deserve some of the blame, though the government also needs to take an interest. There is no reason, even with tuition fees, why even the poorest students cannot go to university, but expectations of a suitable standard of living have to be lowered, with a genuine concern for a suitable standard of education at the heart of the matter.

To get the best deal on financial products: http://www.moneynet.co.uk/

Information on student finance: http://www.creditaction.org.uk/documents/StudentsSample.pdf

Citizens Advice Bureau http://www.adviceguide.org.uk/

Rachel loves garlic. She is very good at raising one eyebrow and giving disapproving looks, but she is not a witch. Rachel writes for the personal finance blog Cashzilla:

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Google News Updated : Sun, 12 Oct 2008 11:51:06 GMT Van driver's work in Mass. aided Nobel winners - Boston Globe Boston Globe Van driver's work in Mass. aided Nobel winners Boston Globe - 7 hours ago HUNTSVILLE, Ala.—When two American scientists won a Nobel Prize this week in chemistry, the driver of a car dealership's courtesy van had reason to take special interest. Video: Nobel Chemistry Prize Goes for Jellyfish Protein AssociatedPress The Daily Yomiuri - The Associated Press - Ars Technica - New York Times all 1,253 news articles Publ.Date : Sun, 12 Oct 2008 04:14:18 GMT McCain campaign's tone likened to George Wallace's - Newsday Malaysia Star McCain campaign's tone likened to George Wallace's Newsday - 2 hours ago WASHINGTON - Rep. John Lewis, a Georgia Democrat and veteran of the civil rights movement, says the negative tone of the Republican presidential campaign reminds him of the hateful atmosphere segregationist Gov. McCain in 'hatred' war of words BBC News Obama thanks, jabs at McCain Chicago Tribune New York Times - Los Angeles Times - Reuters - AFP all 404 news articles Publ.Date : Sun, 12 Oct 2008 09:27:11 GMT Japan says will tap FX reserve if IMF steps up bailout - Reuters Voice of America Japan says will tap FX reserve if IMF steps up bailout Reuters - 6 hours ago WASHINGTON, Oct 11 (Reuters) - Japan said on Saturday it is ready to offer a part of its $1 trillion foreign reserves to the International Monetary Fund (IMF) if the multi-national lender is to support countries facing economic crisis. Video: IMF: Timing right for G7 ReutersVideo IMF Calls for Aggressive Response to Crisis New York Times Bloomberg - MarketWatch - Financial Times - Voice of America all 2,310 news articles Publ.Date : Sun, 12 Oct 2008 05:32:02 GMT Theatrical Review of Body of Lies - DVDTOWN.com Theatrical Review of Body of Lies DVDTOWN.com - 11 hours ago By Jason P. Vargo "Body of Lies" is a certain type of movie designed for a certain type of moviegoer. I think the tagline describes the movie perfectly, actually. Will 'Chihuahua' take a bite out of 'Body of Lies'? Los Angeles Times Body of Lies Entertainment Weekly E! Online - San Francisco Chronicle - Reuters - Washington Post all 1,041 news articles Publ.Date : Sun, 12 Oct 2008 00:19:39 GMT ARM Holders Would Do Well to Shop Around Now - Washington Post Sify ARM Holders Would Do Well to Shop Around Now Washington Post - 4 hours ago By Nancy Trejos The global financial crisis has affected virtually every aspect of personal finance, from mortgages to student loans to credit cards to retirement savings. Finance giants reportedly ordered to buy $40 bln of mortgage bonds ... MarketWatch Fannie, Freddie to Buy $40 Billion a Month of Troubled Assets Bloomberg The Miami Herald - Orlando Sentinel - Sunday Paper - San Jose Mercury News all 227 news articles Publ.Date : Sun, 12 Oct 2008 07:07:17 GMT American space tourist blasts off in Soyuz rocket - The Associated Press Washington Post American space tourist blasts off in Soyuz rocket The Associated Press - 39 minutes ago BAIKONUR, Kazakhstan (AP) - A Soyuz spacecraft with two Americans and a Russian on board lifted off from Kazakhstan on Sunday for the international space station. Space Toilet Fixed – For Now eFluxMedia Russia launches spacecraft with sixth space tourist China Daily KGAN - MarketWatch - Spaceflight Now - USA Today all 615 news articles Publ.Date : Sun, 12 Oct 2008 11:11:37 GMT Many homers, and pitches, in Game 2 - MLB.com Los Angeles Times Many homers, and pitches, in Game 2 MLB.com - 2 hours ago By Bryan Hoch / MLB.com ST. PETERSBURG -- Five hours and 27 minutes elapsed during Saturday's American League Championship Series Game 2, bookending the moments when Scott Kazmir threw the game's first pitch over home plate and BJ Upton popped its ... Up, up, and away Boston Globe Mike Timlin shoulders blame Boston Herald Los Angeles Times - Washington Times - Tampa Tribune - ESPN all 495 news articles Publ.Date : Sun, 12 Oct 2008 09:22:57 GMT RSS to HTML Web Site Traffic

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