Photo by Dollar Gill on Unsplash
New data reveals that more than seven in 10 (71%) university students in the UK in 2023 hold part-time jobs, compared to six in 10 (60%) former students.
As a result, students in the UK are managing to save an average of £399 of their annual loan for the future, with more than a third (37%) putting the funds into a savings account.
Elsewhere, a quarter (25%) are putting saved money into an emergency fund, around one in five (19%) are using the money for a holiday, while 16% are putting it towards a house deposit.
The study was carried out by money.co.uk is one of the UK’s leading comparison websites for financial services.
A money expert, Lucinda O’Brien, said: “The current economic climate has undeniably made university life more financially challenging for students. While this clearly causes short-term issues, there are potentially more severe long-term ramifications when it comes to savings and money put away for emergencies.
“That’s why it’s imperative for current students to adopt savvy financial planning and budgeting practices. Students should take proactive steps to manage their finances, starting by creating a realistic budget. This should include not only tuition fees but also the cost of living, which includes essentials like accommodation, food, and transportation, as well as costs for entertainment and going out with friends.
“While financial responsibility is crucial, it’s equally important to remember that part of the university experience is about having fun and making lasting memories. By striking a balance between being financial savvy and enjoying the university journey, students can ensure they get the most out of their educational experience while maintaining their financial wellbeing.”
“It’s encouraging to see that students are managing to save an average of £399 of their annual loan for the future, according to the research, with more than a third (37%) putting the funds into a savings account.
“For students, a flexible instant or easy access account may be the best option, as they allow people to withdraw funds without any penalties. These accounts are useful if you’re saving for an emergency fund or a short-term savings goal, such as buying a new laptop for studying or paying for an end of term holiday.”
