Today’s students are wising up to the fact that they need to be more financially aware and prepared for work before they leave university according to new research.
Students are continuing to buck the traditional stereotypes with only 22% admitting to blowing their student loan at the start of term while 40% of students claim to be saving for their future while studying and more than half (55%) of last year’s Freshers say they are able to budget effectively in order to cut costs.
The study, commissioned by Yorkshire Bank and Clydesdale Bank during July, questioned a sample of 1,005 students at Higher Education institutions across the UK to discover that of the 31% who take on a job during the academic year, a fifth are finding employment in jobs related to their degrees with the same number again donning a suit in order to impress their prospective bosses.
Gone are the days when students could stay up all night, skip lectures and live off government handouts – today’s students are having to fork out more than ever before in order to maintain their lifestyles. With an average national weekly expenditure of £196.56, students must be earning over £10,000 – over £12,000 in London - in order to be able to support themselves.
Gary Lumby, Yorkshire Bank’s Head of Retail comments: “Students are becoming increasingly savvy as they work hard to secure their professional and financial futures. Our study indicates that two-fifths (40%) of students are already actively saving for the future. Almost a fifth (18%) are so savvy they’re making money on their low rate student loans by investing the cash in savings accounts.”
And the hard work doesn’t stop after term ends. A further two-thirds of students (66%) are choosing to work through their holidays.
Gemma Tumelty, NUS President adds: “Students are budgeting carefully and working long hours to make ends meet. In contrast to media stereotypes of lazy student life, today's undergraduates work hard and attempt to save in preparation for finding graduate employment, getting on the housing ladder and starting families. This often leads to them working through the summer break and abandoning their plans to travel."
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