The cost of living crisis is massively impact students' outgoings
Freshers week is just around the corner, with thousands of new students descending upon their chosen university for a good stint of learning, library visits and carnage. This first taste of adulthood usually comes with doing many things for yourself for the first time - including managing financial responsibilities.
The research has also shown that the average UK student spends the following on living - £533 for rent on average, £788 on living costs, and an average total spend of £1,299. An average student finance grant for most students with a household income of £60,000 is £4,986 , or £7,943 for those in the same circumstances but studying in London.
The research also found that the most affordable city or town for students to live in is Belfast with average monthly outgoings of only £991. Unsurprisingly, the most unaffordable place to be a student is London regarding monthly living costs . A spokesperson for Wealth said: “Our latest study has just laid out the cold, hard facts about the financial strains UK students face, and it’s not a pretty picture. Already hard-working students must clock in an extra 105 hours a month at a minimum-wage job to stay afloat. For some in the UK, it’s akin to holding down a full-time job on top of their full-time studies.
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