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UoB Students in Bottom 10 for Student Spending
The National Student Money Survey 2018 has found that students at the University of Birmingham spend less money than students at most other universities in the UK
UoB students spend £271 per month on average, which places them in the bottom 10 nationwide.
The survey takes into account spending on food, socialising, bills, travel, and illegal substances after rent.
Birmingham City University has some of the biggest student spenders in the country, with an average of £426 per student.
On the top of the table was Goldsmiths (£626) and Chester was at the very bottom (£208).
The report was conducted by online money advice website Save the Student. They asked 3,617 students about their spending habits and found that this figure various hugely across UK institutions.
After rent, the average student spends £364 per month. The data also shows that although students in London receive larger maintenance loans, students in other areas of the UK have similar living costs.
“No matter where you go to university, it can be expensive
But what are most students spending their money on? Food devours almost a third of the budget and socialising also takes up a large portion. Transport and course materials are also costly.
Spending on illegal substances is low at most universities. The University of St Andrews was the highest spender, with an average of £31 per month.
The report also found that 72% of students said that they struggle with money and 57% said that their university did not adequately support them during financial trouble.
Money also has an impact on student mental health. The report suggests that 37% of students suffer with poor mental health because of money worries.
UoB offers the Chamberlain Award to students from who live in a household which earns less than £36,000 per annum. Students can receive between £1,000 and £2,000 throughout the academic year.
Postgraduate Officer Jessica Small is critical of the lack of funding available for students from poor socioeconomic backgrounds.
One of her key manifesto points is a widening participation strategy for postgraduate students. UoB currently doesn’t provide any scholarships or bursaries for these students, which she argues is ‘discouraging people from working-class backgrounds from taking part in graduate education.’
Jake Butler, Save the Student’s money expert, said: ‘No matter where you go to university, it can be expensive. And the student loan most likely won't cover your costs.
‘I'd recommend any student to try and hunt down extra funding by contacting their uni student services. It's a harsh reality that a part-time job is a key part of student life these days too.’
The full report is available to read online here.