Students’ monthly monetary budget led by loans, family hand-outs and personal savings.
The average student receives £205.20 from their family, per month.
Parents of students studying at Durham University give the most money, at £412.90.
Parents of students studying at the University of Hull give the least money, at £129.20.
Students spend most of their budget on supermarket foods, household bills and eating out.
It’s safe to say, students today don’t have it easy – particularly when it comes to monetary funding. Inspired by the Student Living Index Report, released by NatWest in 2017, Teachingabroaddirect.co.uk decided to consider the UK’s unluckiest students when it comes to stingy parents!
Per the report, the top five factors which contribute to a student’s monthly monetary load include student loan (£414.40), parents or family (£205.20), personal savings (£96.80), term-time work (£96.70) and bursary/scholarship (£93.50.) Other titbits include pennies from holiday work (£78.90), overdraft (£76.90), grant/hardship loan (£66.50), sponsorship (£8.10) and other (£6.20.)
With a family hand-out totalling a sum large enough to make a difference to any student’s bank account, Teachingabroaddirect found students in Durham – £412,90, Oxford – £376.50, Aberdeen – £351.20, Edinburgh – £304.30 and Exeter – £269.40 receive the most income from their parents/family, accounting for far more than the average total. In fact, in Durham University’s case, more than double the sum!
At the other end of the scale, was the University of Hull – with students receiving just £129.20 from their cash-strapped families. A considerable monetary drop; this is followed by Norwich, whose parents contribute a mere £129.50 per month, Plymouth – £136.40 and Leeds – £137.70. With Portsmouth rounding out the fifth lowest entry, at £142.70.
What do students across the board spend the most on, per month?
1. Supermarket food shopping, toiletries and household items (£78.10)
2. Household bills (£43.10)
3. Eating out (£34.)
Worryingly, 35% of students rated the stress of managing money 7/10 or above. A further 42% admitted they try to budget but they don’t always stick to it. While 29% don’t bother to budget and 6% avoid thinking about their monthly spend altogether!