Students have been warned not to fall for gimmicks when assessing which financial institution best meets their needs. The advice comes with the publication of a booklet aimed at helping students manage their finances at college.

The Irish Financial Services Regulation Authority (IFSRA) publication, Money Tips for Students, will be handed out by student unions to first-years at the start of term. It will also be made available online at www.itsyourmoney.ie.

It is the first step in IFSRA's strategy to promote financial planning education for consumers. One of the main aims of the strategy is to promote the use of plain English, and the booklet warns students not to be misled by financial jargon they don't understand.

A spokeswoman said that students were often swayed by gifts and gimmicks rather than sound advice: "The main problem is that people aren't reading the terms and conditions of what they're signing and, as student income can be intermittent, with infrequent grant cheques and seasonal holiday work, it's easy to get into trouble with repayments."