22 Sep Cost of freshers’ week rockets by 75% as print prices surge
The cost of freshers’ week has surged by a whopping 75% as the price of a pint at university rockets to nearly £4, new research published today has revealed.
The average university student now shells out a staggering £251 during the hard-partying first week of the term, according to data from money.co.uk savings accounts.
This is in stark contrast to former students who, not too long ago, spent an average of £144 during their inaugural week on campus.
According to the research, the soaring cost of alcohol is a significant contributor to this escalating expenditure.
While former students paid an average of £3.25 for a pint of beer, those currently enrolled are forced to shell out £3.95.
Despite the evident financial constraints, students continue to embrace the university experience with the gusto of those who went before.
The average fresher in 2023 will go out twice a week on an average week, compared to one and a half times for former students.
Consequently, current students are spending an average of £106 per month on alcohol, a significant jump from the £73 spent by former students.
While the cost of university life has been steadily rising across the board, the average maintenance loan has also seen a substantial increase.
Loans have surged by 53%, rising from £4,394 for former students to £6,739 for those currently pursuing higher education.
However, despite receiving a larger loan amount, current students are increasingly seeking part-time employment to make ends meet.
The data reveals that more than seven in 10 (71%) university students in 2023 hold part-time jobs, compared to six in 10 (60%) former students.
As a result, students are managing to save an average of £399 of their annual loan for the future, with more than a third (37%) putting the funds into a savings account.
Elsewhere, a quarter (25%) are putting saved money into an emergency fund, around one in five (19%) are using the money for a holiday, while 16% are putting it towards a house deposit.
Lucinda O’Brien, expert at money.co.uk savings accounts, said: “The current economic climate has undeniably made university life more financially challenging for students. While this clearly causes short-term issues, there are potentially more severe long-term ramifications when it comes to savings and money put away for emergencies.
“That’s why it’s imperative for current students to adopt savvy financial planning and budgeting practices. Students should take proactive steps to manage their finances, starting by creating a realistic budget. This should include not only tuition fees but also the cost of living, which includes essentials like accommodation, food, and transportation, as well as costs for entertainment and going out with friends.
“While financial responsibility is crucial, it’s equally important to remember that part of the university experience is about having fun and making lasting memories. By striking a balance between being financial savvy and enjoying the university journey, students can ensure they get the most out of their educational experience while maintaining their financial wellbeing.”
“It’s encouraging to see that students are managing to save an average of £399 of their annual loan for the future, according to the research, with more than a third (37%) putting the funds into a savings account.
“For students, a flexible instant or easy access account may be the best option, as they allow people to withdraw funds without any penalties. These accounts are useful if you’re saving for an emergency fund or a short-term savings goal, such as buying a new laptop for studying or paying for an end of term holiday.”
