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.

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