How do students save their money?
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As living costs continue to rise, new research from Santander Current Accountshas revealed the different ways that savvy students minimise their living costs. At present, the average student says they live on an income of just £118 per week - roughly a quarter of the average UK weekly wage – meaning budgeting and money saving is extremely important. Buying reduced price food (78%), finding cashback deals and group discounts online (33%) and coupon stacking (26%) are regular habits of many savvy students. So, what are the most popular ways for students to save money? Make use of student discount cards: 83% Buy reduced price food at the supermarket: 78% Use cashback deals or group discount websites: 33% Avoid buying a TV license: 32% Stacking coupons (use multiple discount vouchers to reduce the price of a single item): 26% Sell items on eBay: 26% Shop in charity shops or use reuse/recycling sites like Freecycle: 25% Santander also found that 22% choose to live at home to cut costs – 71% doing so specifically to save money. Over 57% of live-at-home students say that their university choice was heavily influenced by the need to live at home, and 20% are also considering moving further out of town or further away from their university in order to reduce living expenses. 8% say they may move back into their family home next year for the same reason, and a further 8% are considering sharing a bedroom. Santander, which is offering a four-year Railcard to those in full time education who open a student account with the bank, found that 15% of students have seen a ‘significant’ reduction in their income compared to this time last year and a further 13% have seen their income reduce ‘slightly’. Hetal Parmar, Head of Banking at Santander, said:“Students are very forward thinking and proactive when it comes to saving money. With costs of basics like food, accommodation and travel all rising, students need to be clever with their cash.”
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