Average student faces financial hardship

The average UK student is short by £277 each month, according to consumer website Save the Student.

The National Student Money Survey found that the average student spends £735 per month but only receives £458 in student loans.

Just 1 in 6 (16%) of students have a part-time job to meet the monthly shortfall, while a fifth (18%) rely on money from their parents to support their studies.

Over a third (37%) of students turn to their parents during a financial emergency while a quarter resort to taking out a bank loan.

Key findings:

  • 80% of students worry constantly about money
  • 46% have had their studies affected by financial concerns and 58% said it affects their diet
  • A third of students have never budgeted
  • A third feel that parents do not give enough financial support
  • The average student has £350 in savings.

Jake Butler, editor of Save the Student, said:

“It’s a thorny issue of how much parents should contribute to the shortfall, and it entirely depends on individual circumstances. Ultimately I don’t believe parents should have the expectation put upon them.

“However with hearing daily horror stories of students living on the breadline, I feel it’s still important that parents are made more aware of the situation their child at university may be in.”

Contact us to discuss funding your child’s education.

Posted in Exeter Accounting News

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M J Smith & Co Ltd Accountants Exeter
Woodbury House, Green Lane,
Exton, Exeter EX3 0PW

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email.enquiries@mjsmith.co.uk

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