For the majority of university students, the stress of balancing academic study, socialising and home life can be a bit overwhelming. A lot of new students are discovering for the first time what it’s like to live alone and away from home, completely independently.
With all the new social parties, plus trying to make it to university lectures on time, sometimes budgeting can be the last thing on your mind at university. But with over 50% of students scaling a ‘6’ and above when it comes to stress in relation with managing money, it might be worth thinking about how expensive university cities are before you choose to go there.
According to the NatWest Student Living Index, the UK average rent lies around £465.54. If you add this to the amount the average student will spend on shopping, household bills, clothes and accessories, this can all add up and leave pockets looking rather empty.
Many students resort to working during term time and holiday time to earn a little more cash, resulting in extra earnings of an average £188 per month, while some are lucky enough to still have the bank of mum and dad with an average monthly contribution of just under £200.
Let’s take a look at the most financially friendly places to attend university in the UK:
- If you are a student looking for the place where you can get the most ‘bang for your buck’, look no further than the top 3 unis on the SLI chart: Hull, Cardiff and Leicester.
- As well as being the top for value for money (calculated by dividing monthly living costs by income), Hull has the 3rd highest average term-time income (£1,316.60) followed by Cardiff (£1,314).
- Hull and Cardiff also fair as being one of the cheapest places to live in terms of rent, with Hull being 4th cheapest and Cardiff being 5th, with both costing around £70 less than the UK student average.
- Students in Hull also receive the highest average income from their student loan (£580.80), with students in St Andrews receiving the least (£297.70).
- London and Canterbury have the highest term-time income (based on all sources of income including loans, parental support, etc).
- Oxford, Cambridge and London students have the highest rate of parental support, which could indicate the financial status of its students; Hull students have the smallest parental contribution but are one of the highest earners and lowest spenders, leaving them better off overall.
- Aberdeen, London and Canterbury students have highest personal savings with Aberdeen students far exceeding their contemporaries, having £180 per month from personal savings.
- Students in Scotland earn the most money working part time. Glasgow, Stirling and Dundee students earn the highest term-time work-based income.
So if you’re still thinking about options for where to study, hopefully these stats will provide a little more insight into the cost of university across the UK. For the full report, check out the Student Living Index 2018.
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