Just 28% of students feel confident when it comes to budgeting and managing their money, the NatWest Student Living Index has revealed.
The index, which is published every year, aims to shed light on what it is really like to be a university student. This year, 2,964 students across 21 university cities were surveyed to produce the index, which covers topics from money and saving to socialising and mental health.
How do students feel about budgeting?
27% of students say they budget carefully and track their spending, but 2% say they have no confidence at all when it comes to managing their finances.
A quarter of students dip into their overdrafts, which is up 25% on last year’s data. Meanwhile, 21% of students using buy-now-pay-later services made purchases of £100 to £500.
When it comes to saving money, students in Cambridge were able to save the most, saving on average £198 a month. Students in Durham saved the least, putting away around £63 each month. Out of the students who are able to save, 45% said they use a traditional bank savings account.
What do students spend their money on?
Supermarket spending is still the top monthly outgoing expense for students, averaging £76.29. Due to the lifting of Covid-19 restrictions, there has been an increase in money spent on going out, which has jumped up 63% since 2021. Spending on clothes has also increased, going up 39%.
Liverpool students have spent the most money on alcohol this year, while Oxford students spent the most on takeaways. Students in Manchester and Coventry have been faced with the highest rents for UK students, and those in Edinburgh and Cambridge have the most affordable rents.
Newcastle students spend the most on going out, and Southampton students have spent the least.
Which city is the most affordable for students?
Cardiff has been ranked as the most affordable city for students. Affordability has been calculated by NatWest by dividing students’ average monthly accommodation, activities, and item costs by their average monthly income.
In second place, following Cardiff, is Cambridge, which sits above Southampton, Sheffield, and Coventry who all hold the third position.
