The old image of students spending all their money on booze and clothes has been dispelled by a Milkround.com survey.
More than 100 students and graduates revealed their university spending patterns, with nearly four out of five claiming to have budgeted throughout their studies, and nine out of 10 prioritising paying bills over going out.
In fact, if they had to choose to either buying a new pair of trainers or a much-needed textbook, 86 percent would choose the textbook and if they had to choose either getting a haircut or buying new interview attire, 70 percent would choose to buy for a potential interview.
Despite the apparent commitment of students to ensure their money stretches as far as possible, they seem to have learnt to spend wisely the hard way: 80 percent called on universities to provide more advice on how to survive financially before they started their studies.
It would certainly help them with their limited budgets: 22 percent have between £46 and £55 to spend a week after rent and bills, but 54 percent have between £16 and £45 to play with. The survey suggest £40 is the average amount a student has to spend a week, but as much as four percent said they had less than £15 to spend.
The lack of spending power may have to do with nearly three in five worrying about student debt. Nearly two thirds claim to have saved while at university, and more than two in five have taken on a part-time job to support themselves. Student loans remain the favoured option for an income with 73 percent taking one on. Parental help is still needed though: 57 percent have called on Mum and Dad to support their studies. Just nine percent have been granted a scholarship.
Milkround spokesperson Mike Barnard said: “Income is tight when you're a student, so it’s vital to make the most of what money you do have and avoid any waste as far as possible. This might mean not going out as much as you’d like, however sacrifices will have to be made to avoid a tight weekly budget that affords you food but not a lot else. Given that most of your income will arrive in a lump sum at the start of each term which you need to eke out week-by-week, sitting down and doing the maths on how much you’ll have before the next payment comes in can be crucial to a ensuring every trip to the cash machine isn’t dreaded.”
