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Nordea (Finland) (HEL:NDA1V) Finnish Students' Tight Finances Do Not Shake Their Confidence In Future

Nordea (Finland) (HEL:NDA1V) Fixed costs take up 70 per cent of Finnish students' income. Every other student has had to put off buying consumer durables for financial reasons. As many as one in four students who have taken out a student loan have had trouble paying the rent and other fixed costs. Yet their confidence in their future personal finances is strong, as is indicated by a Nordic survey commissioned by Nordea.

Six out of ten students are satisfied with their financial quality of life during studies. Finding a good and interesting job is the most common motivation for studying. Men are motivated by better salary more than women. In a Nordic comparison, Finnish students consider the status brought by studies more important than students in the other Nordic countries.

After completing their studies, students expect their start-up salary to be around 2,200 euros on average. Women expect to get about 300 euros less than men.

- This makes a woman's euro 85 cents, says Tarja Svartström, Nordea's Private Economist.

Finnish students get most support from parents - Compared with the rest of the Nordic countries, Finnish students get more support from parents than others. However, Finns move away from home earlier than youth in the other Nordic countries. Living at home without any financial obligations is a significant form of support, says Tarja Svartström.

During their studies, 40 per cent of students have taken out some kind of loan. Those who are unsatisfied with their financial situation more often have loans than others; almost half of students have taken out a student loan, and one in five has taken a bank loan or consumer credit.

Of the respondents, 90 per cent consider reaching a balance between career and personal life within five years of graduation as the most important goal. 60 per cent wish to build a sound financial base. One in four students dream of an international position, and five per cent aim at becoming entrepreneurs

- Only about a third of loan takers worry about repayment, whereas 90 per cent of students believe that at the age of 40 they will be economically as stable as their parents or even better off. Students have strong confidence in their financial future, says Tarja Svartström.

The survey was carried out in Finland, Denmark, Norway and Sweden in July. Over a thousand university and college students aged 18 - 29 were interviewed in each country. The survey was conducted by TNS Gallup on commission by Nordea.

For further information: Tarja Svartsröm, Private Economist, +358 40 826 2006, tarja.svartstrom@nordea.com

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