One in five students to live at home

Wednesday, 02 September 2009 07:15

A fifth of students are set to spend their university days living at home.

Some 18 per cent intend to live at home as high tuition fees increase the need to find ways to cut costs.

Just 42 per cent will be living in private rented accommodation.

Parents are also being pushed to kit out their offspring - with 52 per cent shelling out to aid their children prepare for university.

And students do not seem ready to slum it.

A poll by Wilkinson finds 46.3 per cent of new student expect new kitchen equipment and a quarter expect a new bed.

Jane Furnival, GMTV's Queen of Thrift and presenter of BBC1's Smart Spenders, said: "I'm the mother of two students. One is thrifty and one is not!

'''Keep calm and carry on' is great advice when you feel panicky about money. With a bit of planning from everyone, you can get through it, with some cash left for having a good time too."

She advises students to look beyond their parents, and consider the government grants on offer for two-thirds of students, as well as hardship funds, scholarships and sponsorships.

Jane's tips for parents

• Go through the budgeting basics before they leave, as they often think mobiles and clothes are most important.

• Teach them how to cook! That way, they avoid expensive micro-meals and fatty takeaways. Nothing fancy - but good food based on low-cost ingredients, like eggs and veg, will help them save money and stay healthy.

• Check out your house insurance to see if you can add your student's stuff onto it, at a lower cost than a standalone policy. Pester them for their laptop, phone and bike serial numbers or the policy may be invalid.

• Teach them how to sew on a button and sew up ripped jeans before they leave, and buy them a sewing basics kit: white and black strong thread and good needles and scissors. Saves money on new clothes.

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