Creditspring, the subscription-based credit provider, has joined forces with London South Bank Colleges to launch Managing Money, a financial education initiative aimed at equipping young adults with the understanding and self-assurance they need to handle their finances as they enter adulthood.
The initiative will be delivered through a series of talks for students. These will address the routine money decisions young people face once they start earning, including reading a payslip, setting a budget, understanding credit and repayments, and knowing where to turn when finances become hard to manage.
The collaboration is a response to what Creditspring sees as a clear shortfall in financial readiness. The company’s own research indicates that many young people about to gain more independence do not fully grasp key borrowing terminology or what happens when a payment is missed.
Among those aged 18 to 24, only 45% said they understood APR and 46% said they knew what a minimum repayment is. Around 52% of this group were aware that a missed loan repayment could harm their credit score, against 83% of respondents over 55. In addition, 35% believed a 0% interest offer definitely carries no extra costs.
The survey also highlighted a hesitance among younger people to seek help at an early stage. Just 20% of 18 to 24-year-olds said they would get in touch with their lender if a repayment became difficult, compared with 49% of people over 55.
Strain on budgets extends beyond bills and debt. According to the research, 91% of Gen Z respondents, defined as those aged 14 to 29, said social commitments placed pressure on their finances. To cover these costs, a quarter had picked up additional work or shifts, 22% had sold possessions and 18% had gone without meals.
Through Managing Money, students will gain a clear foundation in the decisions and compromises reflected in these statistics. The aim is to help them pose sharper questions, spot potential costs and develop habits that benefit their financial wellbeing in the long run.
Creditspring’s stated mission is to strengthen financial stability across the UK. The company offers subscription-based access to credit.
Creditspring CEO and founder Neil Kadagathur said, “Financial confidence should not be something people have to learn through costly mistakes. As young adults begin earning and making decisions independently, understanding the basics of credit, repayments and asking for help can make a real difference to their long-term financial stability.
“Creditspring’s mission is to improve financial stability across the UK. We believe subscription finance can offer a safer, simpler and more affordable way for people to access short-term liquidity when they need it, but access alone is not enough. People also need clear, practical education that helps them understand the decisions in front of them and stay safe as they build their financial future.”
London South Bank Colleges careers lead Alicia Maker said, “Preparing students for the world of work also means helping them prepare for the financial responsibilities that come with it. The Managing Money programme gives our students practical, accessible information at a point when it can have a lasting impact. We are delighted to work with Creditspring on a programme that puts confidence, informed choices and financial wellbeing first.”
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