In this monthly report, Blackbullion explores the income and outgoings of students who have connected their bank accounts to our student-facing tools: the Funding Hub, Financial Wellbeing Score for Students, or Money Manager (our app).
The Financial Wellbeing Score for Universities assesses the health of student finances and breaks down the median income and spending across a range of categories. The analysis of this overall data allows us to offer a report on the general wellbeing of students at universities across the country.
We have listed spending under three headings:
- Basics
- Cost of learning
- Extras
The extras include students spending on items such as cryptocurrency, gambling, and credit card repayments.
Income is broken down into loan income, employment income and other.
How is wellbeing scored in the report?
There are five statuses in the Financial Wellbeing Score for Universities. These scores represent a descriptor of the general wellbeing of student finance. It is meant to indicate the current situation based on the deficit or surplus in student finance as calculated by the incomings and outgoings from student bank accounts.
The calculation used to assess wellbeing includes the rollover amount from the previous month. For instance, in December, there was a net positive of £1,478.42. This figure was then added to the net positive for January, creating an overall net positive for January of £3,966.53.
- Stressed: There is a deficit of more than £1500.
- Squeezed: There is a deficit of between £50 and £1499.
- Stable: There is a deficit of less than £49 and a surplus of no more than £49.
- Comfortable: There is a surplus between £50 and £1499.
- Secure: There is a surplus of more than £1500.
How is the data collected?
Blackbullion offers features/ products to students that require them to connect their bank accounts. The features/ products include our Funding Hub, Financial Wellbeing Score for Students, and Money Manager, our app. FCA-approved Bud manages this open banking system for Blackbullion. Tens of thousands of students use our products/ features that require a connection to open banking. This sample is a significant number of students. It allows us to reflect on the general state of students’ financial wellbeing with a substantial degree of confidence.
