The research also found that:
- Students have to rely on paid employment to help fund them through university. Over 40% of final year students rely on income from paid employment to help cope with the additional financial strain, compared with just 26% of students in their first year of studies. A possible combination of poor financial decisions in the first two years of study, as well as extra costs such as materials for dissertations and final projects means that more and more students have to seek part time work.
- Students worry about the economy, but only because it limits their ability to get work – 67% of students said that they were concerned about the state of the economy, but mainly as it could impact their ability to find work.
- Students continue to rely on their parents for support. Around 59% of students rely on some support from their parents, with 29% saying that if they didn’t get this additional support, they wouldn’t be able to afford to go to university.
- Male students spend around 30% more each week on socialising than women - Students spend on average £223 a week, most of which goes towards rent, groceries and socialising. Men spend about 30% more than women each week (approx £33.50) on socialising, compared with women who spend an average of £25.70 per week.
Lucy Payne, HSBC’s Youth and Student Manager, said:
“It’s so easy for students to lose track of their expenditure, especially if they receive a lump some of money at the start of their studies. Students who don’t budget properly and spend their whole student loan or max out their overdraft facility in the first years may find that they need to take on extra work to cover costs in the final year. The final year at university is such an important time for students and they should not have the distraction of worrying about their finances.”
NUS President Wes Streeting said:
“Given that the average student will graduate with over £23,000 of debt, it is no surprise that so many of them have to take on part time work or rely on financial support from their parents. With this in mind, we find it astonishing that universities continue to demand ever higher fees. The forthcoming review of university funding must look at alternatives to the disastrous current system of top up fees. We are in danger of condemning an entire generation to a lifetime of debt.”
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