Each year the number of young adults in the UK that decide on university as their next step is increasing. Young adults are more inspired than ever to aim high and reach their career goals, so naturally, university is at the forefront of many young adults’ minds. Despite all the glitz and glamour of university, university education also comes at a heavy cost.
On average, university education costs around £9,000 per year of studying – a hefty sum for people who have likely just left college or school education and do not have the means to raise that sort of money. Even with a student loan, it can be challenging for some students to make ends meet when considering their budget must take into account every aspect of their lifestyle.
So, what are students really spending their money on?
Unsurprisingly, accommodation is the most costly outgoing for students. According to the recent study, students spend on average £385 per month on rent with an average budget of £790.
Groceries come in second as one of the most costly outgoings, with students stocking up on food for the month as well as takeaways which comes in at £124 on average per month. Whilst still high up there in their budget compared to other necessities, this figure may suggest that students aren’t regularly visiting restaurants for meals that are costly – an avenue that restaurants could use to their advantage by offering student discounts or exclusive weekend deals. Students don’t want to compromise their social life with all the studying, so appealing to these social butterflies with some deals that get their group of friends off campus and into your restaurant for a meal is a win-win situation for all.
Following on from our previous point, it’s no surprise that socialising is an aspect of their lives that students prioritise the most funds for. On average students spend £64 per month, working out at £768 per year, on social activities such as going to nightclubs, the cinema or drinks with friends. Whilst studying hard for their degrees, students also want to let loose and maintain friendships that exceed the four walls of their dorm.
Despite their limited budgets, students always find the funds for the things that they prioritise and enjoy – this is good news for advertisers. Whilst food and social are high up in priorities, students also spend £34 each month on new clothing and £31 on other non-essential items. As well as this, it’s not only student loans that are helping out the students of today; on average students also receive £205.20 from their parents to help with their living situation.
Student incomes vary from place to place, with Aberdeen students having the highest income of £1583.80 per month and Glasgow having the lowest at £786.60 per month. Despite the large difference, the above stats show that students will prioritise activities and products which are most important to them and cut back on lesser important things so they can live the lifestyle they want.