Cost of living for students rises by £42 in 12 months
The cost of living as a student has increased by £42 a month in just one year, according to new research carried out by Family Investments, a children’s saving provider.
Students now need £795 a month to live on rather than the figure of £752 required just 12 months ago. The annual cost now stands at £9,541, up from £9,031. The increase does not include the cost of annual tuition fees, which have also increased substantially.
Overall costs have increased by 34 per cent since 2004. The monthly cost of living for students at that time was just £561. The annual rise equates to inflation of over five per cent each year and increased tuition fees will add substantially to this in the coming years.
Rent, unsurprisingly, is the biggest single expense. The average student currently spends £163 a month on this expense, up just £7 from £156 a year ago. The cost of food has increased by 38 per cent since 2004, rising from £44 to £65.
However, one area that has seen a reduction in cost for students is the cost of using a mobile phone, which has fallen from £23 a month to £19.62 a month now.
The research predicts that students can expect to see the cost of living for those starting a degree in September to reach £11,253 by the time they graduate in 2014.
Kate Moore, Head of Savings and Investments at Family Investments said: "Over the last six years, student living costs have risen by more than five per cent each year, significantly ahead of RPI in the same period. With increased tuition fees now on the horizon, the total cost of a degree and the economics of student life look set to change dramatically.
"Young adults face unprecedented financial commitments and the steadily rising cost of living is yet another factor they will have to consider as costs such as food creep up. The consequences of increased tuition fees and living costs are as yet unknown but we anticipate that we will see a greater proportion of students going to university near their home town so that they can continue living with parents and possibly taking on part time jobs.”
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