Student living costs almost £200 per week
The cost of living for students has increased 5% in the past 12 months to nearly £200 per week, according to research by Halifax.
A poll by the financial provider found the average student now spends £193.50 per week during term time on food, accommodation, socialising, alcohol, clothes, and books.
The increase, up from £183.80 per week in 2008, comes despite students claiming to be more careful with their spending.
“Our research shows that many students are spending over £200 on weekly living expenses, despite thinking that they are cutting back,” said Mike Regnier, Halifax current accounts director.
Accommodation is the biggest expense at an average of £77.20 per week, followed by food and take-aways at £41.10 per week.
Alcohol sets students back £21.60 per week, while transport costs £14.50, utility bills £14.60, and books and stationery £10.50 per week.
Despite 59% of students claiming to be more frugal than last year, the only area where they are actually spending less money is on smoking, down to £1.60 per week compared to £1.70 last year.
London is the most expensive place to study, with weekly living costs of £247.90.
The North East and Northern Ireland are the cheapest, at £157.50 and £159.80 per week respectively.
Responding to Halifax’s research, consumer advice website CreditChoices.co.uk said its “crucial” for students to “write a budget and stick to it”.
“Students also need to minimise the cost of borrowing, so they should choose a student account with a decent interest-free overdraft,” a spokesperson for the site added.
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