There are extremely challenging macroeconomic conditions are at play and we know that times are especially hard for many at the moment – 87% of students are worried about money right now.
But we also know that it can be even more difficult to talk about money under tough conditions. So with the cost of living crisis, there’s an increased risk of students keeping things to themselves, becoming isolated and struggling alone.
Our goal with ‘Money Confessions’ (now in its third year!) is to provide students with a safe, non-judgemental space to share their money worries and experiences with fellow students. To see that they’re not alone if they’re struggling, discover places they can go for help, and learn from both the not-so-good times and the personal finance successes of their peers.
I spent my last £20 on dominos and had to walk 1hr 1/2 to work the next day
What is Money Confessions?
Money Confessions is the peer-to-peer student campaign that takes place entirely on Instagram.
During Money Confessions, our Instagram Stories becomes a place for students to submit their money worries, experiences or personal finances tips (if there’s something that’s worked well for them!).
It’s a safe space, with absolutely no judgement, and all student confessions are anonymised before being shared on our Instagram Stories.
Plus, all entries will go into a prize draw to win £50.
Why is Money Confessions important?
Our financial education helps students to develop essential money skills, but it’s vital to also make money part of everyday conversations. Money is a key part of life and everybody struggles with it at some point.
Great progress has been made in recent years to reduce the stigma around money conversations and encourage asking for help when it’s needed, but we know that many are struggling right now and times are particularly tough. With the cost of living crisis, there’s an increased risk of students keeping things to themselves and suffering in silence.
Money Confessions provides students with a safe, non-judgemental space to share their money worries and experiences with fellow students to:
- See that they’re not alone if they’re struggling
- Discover places they can go for help
- Learn from both the not-so-good times and the personal finance successes of their peers
Not only this, but the campaign also gives staff the opportunity to learn more about the biggest financial challenges and trends for students right now and see how the cost of living crisis is continuing to impact students directly, as well as increase awareness amongst students of the support on offer at their organisation.
I think payday is £1,000,000 and try to save most, but spend it all after one night out
How can students get involved?
The dates for Money Confessions 2023 are:
- May 15th-19th
- June 19th-23rd
- July 10th-14th
Each day during these weeks, students will have the chance to submit something money-related – be it a worry they’ve got, an experience they’ve had or a tip – through our Instagram Stories.
All entries are then anonymised before being shared (also on our Story).
There will be a prize draw each week of the campaign with one lucky winner picked at random to win £50!
The winner will be given the choice of being paid £50 or we will make a £50 donation in the winner’s name to a charity of their choice.
To enter the prize draw and have the chance to win £50, students must:
- Study at one of our partner universities or colleges
- Submit an entry on our Instagram stories during one of the Money Confessions weeks
- Have a Blackbullion account
“I keep all receipts and sort them into food, grocery, leisure: to check how much I spent in each.”
What do university and college staff need to do?
We’re doing all the heavy lifting when it comes to Money Confessions! All there is for you to do as a staff member is to direct students to our Instagram during the Money Confessions weeks throughout May, June and July.
We’ve also created a campaign ‘cheat sheet’ for staff at our partner universities and colleges to download and use to let students know when Money Confessions is upcoming and encourage them to take part during the campaign weeks. The cheat sheet includes email templates and social media posts for you to copy, paste and send. Download it here.
Thank you for your support when it comes to Money Confessions. We look forward to seeing your students taking part again this year.