Student Living Index 2024

Inside knowledge on student life Open in new window

What's changed in 2024? Open in new window

Affordable UK university cities Open in new window

Spending and budgeting Open in new window

Mental health, wellbeing and sustainability Open in new window

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Working out your costs

Student living at a glance

£157.78

is the average household bill.

73%

buy items seen on social media.

£19.97

is the average cost of eating out.

52%

run out of cash before term ends.

What's changed for students in 2024? (in detail) Close

What’s changed for students in 2024?

Students are spending far more hours in part-time employment. They work 46.39 hours a month on average – up more than 150% on last year.
Rents have risen faster than inflation. They’ve jumped by 16.5% since 2023.
Having a night in, without alcohol, is the most popular student activity. Almost two thirds (61%) do this at least once a fortnight.
Household bills have overtaken supermarket spending in the list of student expenses. They’re now the second-biggest monthly expense, averaging £157.78.

Which UK city is most affordable* for students?

Belfast tops our 2024 list of the most affordable UK towns and cities. It’s followed by Bath, Derby, Glasgow, Ormskirk and Edinburgh.

*Affordability is calculated by dividing students’ average monthly accommodation, activities and item costs by their average monthly income (excluding student loans).

How are students spending and budgeting in 2024?

Income

Students are relying more heavily on their parents for financial support in 2024. Parental contributions have jumped by more than half since last year’s survey. Meanwhile, income from term-time and holiday work has become more important. These contributions have risen by 52% and 63.5% respectively, year on year. Elsewhere, relatively few students now rely on bank loans to boost their income. It varies by university, with those in Bath leading the way for bank loan borrowing. The income findings below show what students receive from different sources each month.

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Income in more detail

Parental and family contributions have leaped by 57% since last year’s survey. These contributions now average £505.10.
Students in York get the largest contribution from their parents (£1,088.97). Those in Salford receive the lowest amount, at £137.60. Overall, students living in wealthier areas, and those from more affluent backgrounds, tend to get greater support.
Term-time work contributes £202.79 to student budgets on average. This is 52% more than last year. However, many people are still choosing not to work during their studies.
Londonderry students have the biggest average income from term-time employment (£383). Stoke-on-Trent students are at the other end of the scale (£103.53).
Holiday work remains a key source of income for some students, bringing in £130.76 on average. It now contributes 63.5% more than it did last year.
Newcastle students boast the largest income from holiday work, at £215.37. But there are significant regional differences, with those based in Londonderry reporting the smallest average (£45.19).
Few students are heavily reliant on bank loans, and they borrow £224.17 on average. Bath students are the most reliant (£340.58), with Oxford the least (£48.77).
Discover our tips for student budgeting.

Spending

There are significant regional differences in what students would expect to pay for things like meals out, nights out, takeaways, and a pint of beer. The average expected cost of a meal out now stands at £19.97, while a night out typically costs £33.61. The expected price of a pint now comes to £4.79, up from £4.50 last year. On day-to-day spending, household bills have surged 357% over the past 12 months. And monthly supermarket spending has also climbed, from £109.57 to £122.

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Spending in more detail

Oxford is the most expensive place for a meal out, with its students expecting to pay £21.82 on average. In contrast, Colchester is the cheapest location (£16.68). Across the board, the average has risen by 4.8%, year on year.
When eating out, students generally prefer independent venues (31%) to chain restaurants (16%). But 51% have no real preference.
Overall, students are having to spend 8% more on a night out than they did last year. However, many are still managing to contain these costs. For example, 28% said they only spent between £10 and £20 last time they went out. Salford students spend the most, averaging £41.77. While those in Nottingham spend the least (£28.94).
The price of a pint is lowest in Lancaster (£4.17) for the second year running. But even here, it’s jumped by 31% since 2023. It’s the first time in our survey’s history that the cheapest pint has cost more than £4. Perhaps unsurprisingly, London students continue to face high prices for pints, with 21% of them paying £7 to £8.
Students have had to pay more for other little luxuries too. They now expect to pay £16.76 for a takeaway, up 8% on last year. The same goes for a coffee on campus (£3.53, rising by 3.8%).
Many students are feeling the pinch on household bills. These now average £157.78, compared to just £34.48 last time around.
With average grocery spending on the up, many students seem to be focusing more on convenience and affordability. Some 46% now prefer chain supermarkets, with 40% favouring the Big Four in particular.

Budgeting

Some 81% of students take steps to budget their finances. Yet only a fifth (19%) are confident about money management. In line with rising costs, many are willing to alter their spending habits to stay on track, reducing things like online shopping and nights out. Others are turning to banking apps to help them budget, while 30% won’t allow their current account to dip below a certain balance. Nearly a third (30%) of students have taken positive action to boost their income through part-time work. On the other hand, 7% haven’t changed their spending habits at all, suggesting room for improvement.

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Budgeting in more detail

Further work may be needed to boost financial literacy, with just over half (52%) of students running out of cash before their term ends. This has risen in consecutive years, from 47% in 2023 and 35% the year before.
The most common areas for budget cuts include online shopping (59%), nights out (55%), the number of meals eaten each day (38%) and cancelling streaming subscriptions (22%).
For those turning to budgeting tools, traditional banking apps (34%) and digital banking apps (25%) are the most popular choices. Almost a third (32%) are now willing to move cash to a traditional savings account via a banking app. This has edged up from 28% last year. Meanwhile, 24% use banking apps to transfer money into a digital bank savings account – up from 15%.
Students use a range of tactics to boost their savings. The most common methods are digital transfers to savings accounts (32%) and maintaining a minimum balance (30%). Other tactics include saving one-off amounts whenever possible (20%), making transfers to a cash ISA or stocks and shares ISA (18%), and putting money aside when the month ends (17%).

Social media and spending regrets

With tight budgets to follow, it’s perhaps no surprise that many students have regrets over their spending decisions. Eating out and alcohol are among their top regrets. In a highly digital world, social media is having a growing influence on their buying decisions too. For example, it often guides clothing, cosmetic and haircare purchases.

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Social media and spending regrets in more detail

Almost half of students (47%) regret spending money on eating out or takeaways, making this their most common regret. Spending on alcohol follows, with 26%.
Close to three quarters (73%) of university-goers have been encouraged to buy products after seeing them on social media channels.
The most common purchases influenced by social media include clothing and fashion items (50%), skincare and make-up products (42%), and haircare items (27%).

Fraud and scams

Nearly one in three (30%) students have fallen victim to a scam over the past 12 months. However, this is slightly down on the figure for last year (33%). Fraudsters continue to target students through a wide variety of scams. These range from delivery service and bank scams to social media account hacks. False tax rebates and fake goods have also caused headaches for some people. Finally, certain students have been tricked into sending fraudsters cash via ‘imposter’ scams.

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Fraud and scams in more detail

Delivery service scams are the most common threat faced by students (24%). These sophisticated scams look like they’re from real couriers. But they aim to con people with fake delivery emails and messages.
Close to a tenth (9%) of students have been targeted by a bank scam. This is slightly down on last year (10%). Here, fraudsters try to get hold of sensitive data or cash by posing as a person’s bank. They may call students, text them or send an email. It highlights the need for vigilance and continued security awareness.
Some 6% of students are concerned about their social media accounts being hacked. While slightly down on last year (8%), it stresses the importance of strong security measures.
Tax rebate scams are another risk to students, with 5% encountering them. This is a similar figure to last year (6%). These scams involve false messages from HM Revenue & Customs, wrongly suggesting people are in line to receive a refund.
Fake goods listed on social media have caught out 4% of students. This shows just how tricky it can be to check the authenticity of online listings.
Another 4% have faced imposter scams, where people are conned into sending fraudsters money.
For more information on protecting your finances against fraud and scams, head to our security hub.

Part-time employment

Close to a third of students are seeking to boost their income with part-time employment. And they’re working significantly more hours as a result. Part-time working hours have surged by 153.5% since last year, from 18.3 a month to 46.39. Meanwhile, average time spent on academic work has fallen.

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Part-time employment in more detail

Some 30% of students now aim to boost their income with employment opportunities.
Salford, Ormskirk and Derby students are the most focused on part-time work. On average, they do more than 63 hours of work a month.
Cambridge students appear to be the most committed when it comes to campus studying. On average, they spend 87.09 hours doing campus-based academic work each month.
Learn more about applying for jobs after university

Mental health, wellbeing and sustainability

Many students appear to lack trust in their university when experiencing financial stress. Just 9% choose to make use of related mental health resources provided by their uni. Instead, they try to ease the load with hobbies and interests, plus support from family and friends. Some people also feel that their university falls short with regards to financial support. On a more positive note, students are generally keen to focus on sustainability and supporting the environment. They’re particularly strong on separating waste and buying items second-hand.

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Mental health, wellbeing and sustainability in more detail

Students use a range of coping mechanisms to deal with financial stress. Hobbies and interests come out on top (37%), followed by support from friends and family (34%) and exercise (28%).
Not all coping mechanisms are healthy though, with 14% admitting they use alcohol to handle financial stress. This suggests a more proactive approach to mental health support may be required.
Close to nine in 10 (86%) students believe they only have access to limited or moderate financial support from their university. Meanwhile, just 3% feel extremely supported by their university when managing their finances.
On a worrying note, just 17% of students now say they strongly enjoy their degree. This is down significantly from 38% last year.
Many students are willing to embrace sustainable habits, with around two thirds (65%) separating their waste and 59% purchasing items second-hand. However, there’s still room for improvement, as only 44% are aiming to lower their carbon footprints via transportation. And just 25% are seeking sustainable alternatives to everyday items.

Studying versus socialising

Many students appear to be balancing their social lives with academic commitments. They’re defying old-fashioned stereotypes of university life, with more than half (56%) engaging in social activities only once a month or less. What’s more, nights in are proving a popular alternative to clubbing or pub visits. On the flipside, time spent on academic studies has also fallen significantly, with part-time work on the rise. More encouragingly, general enjoyment levels remain solid in many cities, even as students navigate different challenges and financial pressures. Those based in Bristol, Coventry, Oxford and Cambridge enjoy their university degrees the most. Finally, our research suggests that some students might be putting cost pressures and budgeting before sustainability amid the current economic squeeze. Some 13% of respondents say they’re not making any efforts to lead a more sustainable life. This marks a 30% upswing compared to the situation last year.

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Studying versus socialising in more detail

When it comes to social activities, students generally favour a night in with their friends, without alcohol. Nearly two thirds (61%) arrange this at least once a fortnight. This is followed by a night in with friends, with alcohol. Some 36% arrange this once a fortnight or more.
With many people spending more hours in part-time work, their commitment to studying appears to have eased. Average studying time on campus has dropped by 45.7% since 2023, from 119.35 hours to 64.27. Cambridge and Lancaster students are most committed to studying on campus.
With regards to home learning, students typically spend 45.2 hours on this task. Cambridge, Coventry and Oxford students do the most university work at home.

Download the Student Living Index 2024

Read the full 2024 Student Living Index (PDF, 3 MB)

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Fancy some insider knowledge on student life?

The benefits of research

Working out your costs

Student living at a glance

Which UK city is most affordable* for students?

City

Overall UK ranking

City

Overall UK ranking

City

Overall UK ranking

City

Overall UK ranking

City

Overall UK ranking

City

Overall UK ranking

City

Overall UK ranking

How are students spending and budgeting in 2024?

Income

Spending

Budgeting

Social media and spending regrets

Fraud and scams

Part-time employment

Mental health, wellbeing and sustainability

Mental health, wellbeing and sustainability

Studying versus socialising

Download the Student Living Index 2024

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