Money Wellness
University students walking to class
category iconcost of living
calendar icon04 Sep 2023

Students expect to shell out over £400 a month more to survive at university this year

As the cost-of-living crisis continues to bite, students are bracing themselves for soaring expenses, a new survey has found.

Research from eBay revealed the average students expects to spend an extra £411.58 a month this academic year compared to last year. And 85% are worried about how they’ll manage.

Other findings

  • 62% of current students say they probably wouldn’t have gone to university if they’d realised how much it would cost
  • 54% rely on average family handouts of £383.01 a month to help them survive
  • 63% would consider going to a university closer to home to save money
  • 75% think they’ll need to dip into their savings to survive
  • 67% plan to use credit cards
  • 39% don’t think they’ll be able to afford things like desks, kitchenware and bedding

What about maintenance loans?

Although 57% of students get a maintenance loan, 42% said it doesn’t cover all their costs.

The hardest things about being a student

  • 18% said they struggled with budgeting
  • 16% said managing their workload was difficult
  • 12% said being far away from family was a concern

Worrying

Mark Monte-Colombo from eBay commented:

“Students are already know for being ‘skint’, but it’s worrying to think about how the rising cost of living is impacting their lives and education.”

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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