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Student life costs almost £10,000 per year

14th October 2014

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Students are spending more on rent and less on socialising than ever before, according to research.

Statistics gathered by Family Investments show that the rising core costs of university are eating into students’ disposable income – and that although overall living costs fell in 2013, costs such as rent and transport rose significantly.

The lower amount spent saw students cutting down on clothes shopping and nights out, according to Family Investments.

This suggests that students’ disposable income is being squeezed year on year – there was also a fall in student spending between 2012 and 2013.

In 2013 students spent an average of £192 per week, down 3.2% on previous year. The 2013 amount is down 9.5% since 2011, meaning means the annual average student cost of living now stands at £9,988.

When tuition fees are added in students are looking at total costs each year of over £18,000 if they pay the maximum of £9,000 in fees – a massive undertaking for those who don’t have parents ready to support them through university.

It is expected that annual living costs for students, tuition fees aside, will exceed £13,000 by 2019.

The biggest cost increase is in the price of rent, which has jumped massively – from an average of £171 per month in 2012, in 2013 students were paying £214.

Likewise, expenditure on transport rose, up 4.3% from the previous year with students spending £78 a month in 2013 on this.   

Between 2012 and 2013 spending by students fell on clothing by 25.3%, on food by 8.1%, and on recreation by 29.5%.

The amount spent on alcohol also fell after a rise the previous year, with students spending an average of 39.6% less than they did in 2012.

Breakdown of key student expenditure items in 2013:

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