Behind the scenes of student life: How do they really spend their money?
- Student spending priorities revealed as groceries, eating out and utility bills (Natwest Student Living Index)
- Collegiate AC accommodation offers inclusive billing and luxury communal facilities to ease budgeting (Collegiate AC)
- Students spend on average 28 hours a week studying compared with only 12.5 hours socialising (Natwest Student Living Index)
For a student leaving home for the first time, one of the key lessons they will quickly learn is how to budget, with this an often treacherous minefield that can be especially worrying for parents miles away at home, concerned about their son or daughter’s spending habits. In line with this, Natwest, in partnership with an independent research company, have produced the Student Living Index report to unearth the true realities of student expenditure, from what is considered essential spending, to the real financial impact of socialising and the true cost of students’ hobbies and interests.
Based on data from 25 UK universities, the enlightening research reveals that students spend more per week on groceries than anything else, with eating out and utility bills ranking second and third as financial drains.
Heriberto Cuanalo, CEO of the leading provider of luxury student accommodation in the UK, Collegiate AC, explains the importance of budgeting and how a modern student property can benefit,
“A key aspect of planning for university life is understanding your finances and creating a budget by which to stick to on a week to week basis. Every student budget will vary depending on individual circumstances and it is always advisable to create your own to include personal requirements, estimating weekly expenses as you go.
“Whilst an important skill to learn, financial planning when you have left home for the first time can be challenging and this is where modern student accommodation can help. At Collegiate AC, not only are our properties close to university ensuring that money is saved on travel, we also provide extra amenities included in our billing. This can help day-to-day expenses reduce, whilst enhancing the living and studying experience: this is the future of university living.”
Monthly utility bills can fluctuate and allowing for this within a weekly student budget can become difficult, especially when unexpected costs occur. In order to eradicate this monetary concern for residents, Collegiate AC properties have utility bills and unlimited Wi-Fi included in the rental price as standard, meaning that students know where they stand with their finances in advance.
As Cuanalo indicates, alongside inclusive billing, Collegiate AC properties also boast a variety of additional facilities that are available to residents at no additional cost, again assisting with budgeting and in turn reassuring parents and guardians from afar.
With eating out taking second place in student spending, Collegiate AC’s 333 Bath Street in Glasgow benefits from a private dining room that allows residents to throw their very own impressive dinner parties, eliminating the need to eat out so often.
Southampton’s premier student residences, Brunswick Apartments, also boasts an array of excellent inclusive facilities. These range from an on-site cinema to provide the ultimate in home entertainment, to the on-site private gym, exclusive to residents and stocked with the latest exercise equipment to allow students to save on expensive gym memberships. With the Natwest Student Living Index showing that students spend more on gym membership than any other sport or fitness activity, having free access to this facility is a key advantage when calculating a weekly budget.
With the report also highlighting that, contrary to popular belief, the majority of students’ time is spent studying – approximately 28 hours a week compared to just 12.5 hours spent socialising – Collegiate AC understand the importance of effective study areas in their properties. With reading and work rooms available for individual study or in a group, Collegiate AC’s high-specification and beautifully designed Hope Street Apartments, set in the heart of Liverpool, are equipped with seminar and common rooms, ideal for just this purpose.
For more information, visit www.collegiate-ac.com or contact Collegiate AC on 01235 250 140.