National Student Money Week is an annual campaign created by the National Association of Student Money Advisersto raise awareness about the money advice and support available to students at University and beyond.
Over the course of this week, we will be sharing information, advice and support available which focuses on the 2024 theme: Less Risk, More Reward: Maintaining your Financial Wellbeing at University.
What is risk taking behaviour?
Examples of risk-taking behaviour may include:
- Gaming and gambling: the financial burdens
- Employment: adult work and work that impacts your wellbeing
- Cryptocurrency: making risky transactions and investments
- Consumer safety: scams and fake goods
Gambling can be defined as taking risky action in the hope of a desired result, for example, playing games of chance for money.
It can be difficult to spot when a harmless habit is starting to veer into something more harmful, particularly if at one stage it was something you had fun with, however, identifying that you might need to make some changes or ask for help is crucial.
If you think that you or someone you know may be struggling with risk-taking behaviour when it comes to gaming or gambling, there a many different resources available to help you identify the risks of the behaviour, including the financial and wellbeing burdens, whether or not you should seek further advice, and where to find this support.
Read more: Responsiblegambling.org
Cryptocurrencies are complex but in simple terms they are digital tokens. They are a type of digital currency that doesn’t require a bank or financial institution to verify transactions; they can be used for purchases or as investment. There are some helpful articles on understanding crypto from FCA, including Crypton: the basics.
In recent years, students have become increasingly interested in cryptocurrency, particularly when it comes to Bitcoin.There is a lot of misinformation on social media which can lead to misunderstanding the potential dangers of cryptocurrency. We urge anyone who is currently or is considering using cryptocurrency to pause for thought first before making these risky investments and take a moment to understand crypto and the associated risks.
Read more: 5 questions to ask before you invest.
Risky employment may include working in environments where students may not be exercising all of their employment rights, or may have personal safety put at risk, for example working in hospitality venues that are open late and require you to deal with intoxicated people and walking home late at night. Please ensure you are aware of your rights at work and if you are concerned, please speak to a member of SU Advice who will be able to help you.
Adult work, including sex work, is something a small percentage of students have reported doing in the Save the Student Annual Survey.
We understand that not all students feel negatively towards sex work they have chosen to do, however, there are concerns when students do talk negatively about their experiences and have admitted to only doing this type of work due to financial concerns.
The SU Advice team are here if you would like to raise any concerns over your safety, or the safety of another students’ wellbeing. Our advisors will be able to signpost you to relevant self-help support, University of Plymouth counselling services, and external support services.
Consumer safety can be a particularly apparent for students when it comes to buying and selling online. Whether it’s buying from an Instagram ad or Facebook marketplace, students should stay vigilant of scams and fake goods.
Find resources on how to spot fake goods and what not to do when purchasing goods online from a stranger or company you have never used or heard of before. It also important to consider personal safety if you plan to meet up with someone online to purchase any goods, for example, when using Gumtree or Facebook.
Read more about safety online and social media threats to watch for in 2024.
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