Among the many challenges of student life, balancing a budget can often feel like one more thing in a long list of demands. In recent years, social media has become an increasingly helpful source of information on budgeting and money management due to the rise of ‘finfluencers’ on social media sites. One such creator is Abi Foster, who I recently sat down with to discuss all things student finance.

What inspired you to begin this work?

My career has been anything but linear. I started out as a chartered accountant in industry, before going full-time into the founder world in 2023 with my business Elent. We teach finance in schools and workplaces across the UK.

“I stand next to people with zero finance qualifications who get respected simply for their gender”

My ‘why’ is the injustice that comes from a lack of financial education for the next generation. We ask 17-year-olds to sign up to enormous loans (i.e. student debt), we call them children one day, and expect them to be fully functioning financial adults the next, without ever teaching them how to read a payslip. And as we move into our 20s and 30s, we’re all just trying to keep it together.

As a woman in finance education, have you ever faced challenges in being taken seriously? If so, how did you overcome this and what advice would you give to young women who are also striving to be taken seriously?

All the time! It’s a running joke that there’s a ‘Mount Rushmore’ of finance influencers and for the last few years I’ve been the only woman in that group. There’s a rise of more female representation now, which I’m so glad to see, but I still walk into rooms on a weekly basis where I’m the only woman. I’m fully qualified and yet I stand next to people with zero finance qualifications who get respected simply for their gender.

“For every door you open, keep it open”

For a while I tried to hide my personality and my femininity, thinking it would make men feel more comfortable. But the next generation of girls deserve to see someone who shows up as themselves.

We are constantly bombarded with messages telling us to make ourselves smaller. Don’t forget you represent not just yourself but every girl coming up behind you. For every door you open, keep it open.

Obviously, social media is rife with misinformation, but there are also informed, professional content creators online. How can we know who’s a useful source of information online?

There are conversations happening around things like unions for creators which could make a difference. In the meantime, look at two things: their qualifications and who they work with. There is a new generation of social creators who have drifted into finance content because it pays well, and that does not mean they are qualified to be giving out that information. If a creator is promoting anything and everything, that’s your sign to be cautious.

“Compound interest is genuinely your best friend”

A lot of students will be managing a budget for the first time. What advice can you give to students who are trying to set themselves up for future security, as well as enjoying their university experience?

Track your money rather than avoid it. Burying your head in the sand is the worst thing you can do. It can be as simple as setting up a spreadsheet listing all your bank accounts, savings and investments, and once a month spending 15 minutes updating the balances.

And please remember that university is not just about financial success. Friendships, laughter, your health – these are all metrics of success too. Give yourself a break.

You’ve recently criticised the student loan system. What do you think positive reform would look like?

I’ve been discussing this with Ollie from Rethink Repayment for a while now. The headline issues are the interest rates and the repayment percentage. For Plan 2 borrowers the interest is RPI plus 3%, which for many people is just enormous, and even on Plan 5 it is RPI – still too high. On top of that, the 9% repayment rate really eats into people’s monthly take home pay and makes it incredibly hard for the next generation to build any kind of wealth. Those are the two things I would want any reform to tackle first.

Finally, if you could give your uni-self one bit of advice about money management, what would it be?

Invest something! Not a lot, even just £5 a month, because compound interest is genuinely your best friend and the earlier you start the better.