Student Living Index 2024

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Student living at a glance

£157.78

is the average household bill.

73%

buy items seen on social media.

£19.97

is the expected cost to eat 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 now work far more hours in part-time jobs. They’re doing an average of 46.39 hours a month. This is more than 150% higher than 2023.
Rents are up 16.5% on last year, climbing quicker than inflation.
The most popular activity is spending a night in, without alcohol. Some 61% of students do this once a fortnight or more.
Household bills have jumped above supermarket spending when it comes to major expenses. These bills average £157.78 and are the second-biggest monthly outgoing.

Which UK city is most affordable* for students?

Belfast leads our 2024 ranking of the most affordable towns and cities in the UK, with Bath, Derby, Glasgow, and Edinburgh following closely behind.

*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

Overall, UK students have become more reliant on financial support from their parents, with these contributions rising by more than half. They’re also more reliant on income from term-time and holiday work, which have climbed 52% and 63.5% respectively. Meanwhile, relatively few students use bank loans to support themselves, although people in Bath lead the way here. The following findings reveal what students receive each month from different sources.

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Income in more detail

Since 2023, parental and family contributions have seen a 57% jump, averaging £505.10.
The largest parental contribution goes to York students, at £1,088.97. Salford students are at the other end of the scale though (£137.60). Students in wealthier areas and from more affluent backgrounds generally receive more parental support.
Students typically receive £202.79 from term-time work – up 52% on 2023. But many students still decide not to work while they’re at university.
Those based in Londonderry enjoy the largest average income from their term-time jobs, at £383. Stoke-on-Trent students have the lowest figure (£103.53).
Holiday work gives students an average income of £130.76, up 63.5% on last year.
Newcastle students earn the most money from their holiday jobs, bringing in £215.37. Amid significant regional differences, Londonderry students have the lowest average (£45.19).
Few students rely heavily on bank loans, borrowing an average of £224.17. Bath students use bank loans the most (£340.58). Those based in Oxford use them the least (£48.77).

Read our handy student budgeting tips.

Spending

Expected costs for a meal out, night out, takeaway, and pint of beer vary significantly between different UK regions. On average, students expect to pay £19.97 for a meal out, and £33.61 for a night out. The expected price of a pint has climbed year on year, from £4.50 to £4.79. Many students are also feeling the pinch in their day-to-day budgeting, with household bills jumping 357% since our 2023 survey. Monthly supermarket spending has gone up from £109.57 to £122.

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Spending in more detail

The priciest town or city for a meal out is Oxford, with an average expected cost of £21.82. Colchester (£16.68) has the cheapest meals out, meanwhile. Overall, the average meal out now costs 4.8% more than last year.
Across the UK, students tend to prefer independent venues (31%) when eating out, over chain restaurants (16%). However, 51% don’t have a preference either way.
Nights out cost 8% more than last year. But many students remain budget-conscious, with 28% only spending £10 to £20 last time they went out. Salford students spend the most on a night out (£41.77). Nottingham students reported the lowest spending here (£28.94).
For the second year in a row, Lancaster (£4.17) has the cheapest pint. But it’s still up by nearly a third (31%). It also marks the first time that the cheapest pint has exceeded the £4 mark. In London, 21% of students pay £7 to £8 for a pint.
The prices of other little luxuries have gone up too. The expected cost of a takeaway is £16.76 – up 8% on last year. And a coffee on campus has hit £3.53, marking a 3.8% increase.
When it comes to household bills, students pay an average of £157.78, significantly higher than £34.48 in 2023.
In light of higher average grocery spending, students often appear to be focusing on convenience and affordability. Nearly half (46%) said they generally prefer chain supermarkets, and 40% favour the Big Four grocers.

Budgeting

Around eight in 10 students (81%) are making attempts to budget their personal finances. However, just 19% say they’re confident about money management. A lot of students have changed their spending habits to tackle rising costs, with online shopping and nights out being trimmed. Banking apps are another popular way to budget, while close to a third (30%) don’t let their current account fall below a certain balance. Some 30% of university goers have used part-time work to boost their income. But 7% haven’t altered their spending habits at all, suggesting potential room for improvement.

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Budgeting in more detail

More than half (52%) of students run short of money before the end of term. This figure continues to climb, rising from 47% last year and 35% during 2022.
Online shopping (59%), nights out (55%), the number of meals eaten each day (38%) and streaming subscriptions (22%) are the most common areas to trim costs.
Traditional banking apps (34%) and digital banking apps (25%) are the most popular budgeting tools this year. Some 32% of respondents say they’re willing to move money into a traditional savings account using a banking app. The figure was only 28% last year. On a similar note, 24% use banking apps to transfer money into a digital bank savings account. This figure was 15% in 2023.
The most popular ways to boost savings include making digital transfers to savings accounts (32%) and keeping a minimum balance (30%). Many students also aim to save one-off sums when possible (20%), transfer money to a cash ISA or stocks and shares ISA (18%), and put cash aside at the end of the month (17%).

Social media and spending regrets

Many students are learning difficult financial lessons at university, reporting regrets over key spending decisions. They list eating out and alcohol purchases among their biggest regrets. With a wide range of platforms to choose from, social media is also having a big influence on certain buying decisions. For example, with clothing, cosmetic and haircare products.

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Social media and spending regrets in more detail

The most common spending regret relates to eating out or takeaways (47%). Spending on alcohol is the second-biggest regret (26%).
Around three quarters (73%) of students have been influenced to make purchases after spotting items on their social media feeds.
Clothing and fashion (50%), skincare and make-up (42%), and haircare (27%) are the most common purchases influenced by social media channels.

Fraud & scams

Close to a third of students (30%) have suffered from scams in the past year. But in a potentially positive sign, the 2023 figure was slightly higher (33%). Fraudsters are using lots of different scams when targeting students. Delivery service fraud, bank scams, and social media account hacks are among them. Elsewhere, false tax rebates and fake goods remain common. Some students have also been conned into sending money to fraudsters through so-called ‘imposter’ scams.

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Fraud & scams in more detail

Delivery service scams (24%) are the largest threat encountered by students. They involve fake delivery emails and messages that appear to be from genuine courier services.
Nearly one in 10 students (9%) have encountered a bank scam this year – a slight improvement on 2023 (10%). These scams see fraudsters pose as a person’s bank, in an effort to steal sensitive data or money. For example, they might call, text or email students. It suggests that students need to stay vigilant and aware of security risks.
The threat of social media accounts being hacked is something 6% of students remain wary of. However, this threat is slightly down on last year’s score (8%).
Some 5% of students say they’ve come in contact with tax rebate scams over the past 12 months. This is slightly lower than last year’s 6%. With these scams, fraudsters send out false messages from the tax authorities, claiming that people are due a refund.
Another 4% of students admit to being tricked by fake goods listings on social media channels. This highlights the importance of checking the authenticity of online posts.
Finally, 4% of university goers have had to contend with imposter scams. Here, fraudsters con people into sending them cash.
Want further information on dealing with fraud and scams? Take a look at our security hub.

Part-time employment

Nearly one third of students now use part-time employment to support their monthly income. They’re working a lot more hours than last year too. Monthly hours are up 153.5%, surging from 18.3 to 46.39 on average. In comparison, the average time spent on academic work has dropped, year on year.

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Part-time employment in more detail

Overall, 30% of the UK’s students are turning to part-time employment to help boost their income.
Students based in Salford, Ormskirk and Derby spend the most hours in part-time work – doing more than 63 each month.
Cambridge students look to be the most committed to on-campus work. They do an average of 87.09 hours each month.
Find out about job applications after university

Mental health, wellbeing and sustainability

When dealing with financial stress, many students report low levels of trust in their university. For instance, only 9% use the related mental health resources that are on offer. Hobbies and interests, and support from family and friends are their main coping mechanisms. Some students also suggested that their university could do more in terms of financial support. When it comes to environmental matters, students generally seem willing to do their bit. Many are already separating their waste and buying things second-hand to become more sustainable.

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Mental health, wellbeing and sustainability in more detail

Hobbies and interests are the main ways students cope with financial stress (37%). Support from friends and family (34%) and exercise (28%) follow closely behind.
On the flipside, more than one in 10 students (14%) say they’ve used alcohol to help deal with financial stress. This suggests more proactive mental health support might be needed.
A large majority of students (86%) suggest they can only access limited or moderate financial support from their university. What’s more, only 3% feel extremely supported when it comes to financial management.
Less than a fifth (17%) of students strongly enjoy their degree course, compared to last year’s score of 38%.
Students have adopted a variety of sustainable habits in 2024, boosting their commitment to the environment. Close to two thirds (65%) now take steps to separate their waste. And 59% are willing to buy items second-hand. But other measures have a lower uptake, with just 44% aiming to reduce their carbon footprints via transport choices. Only a quarter (25%) actively look for sustainable alternatives to everyday products.

Studying versus socialising

Many students are having to carefully balance their social lives, academic work and part-time employment in 2024. This has led some to defy the traditional stereotypes of university life. For example, a majority (56%) only take part in social activities once a month or less. Nights in are a popular alternative to clubbing and pub visits too. Elsewhere, the amount of time spent on academic studies has dropped significantly this year. Whereas part-time work has climbed.

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Studying versus socialising in more detail

Perhaps surprisingly, a night in with friends, without alcohol, is now students’ top social activity. Some 61% aim to do this once a fortnight or more. A night in with friends, with alcohol, comes second. More than a third (36%) do this at least once every fortnight.
Commitments to studying look to have eased, as part-time work becomes more popular. Year on year, average studying time on campus has gone down by 45.7%, slipping from 119.35 to 64.27 hours. On-campus studying is most popular with Cambridge and Lancaster students.
The average student now spends 45.2 hours on at-home learning, with Cambridge, Coventry and Oxford leading the way.

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 & 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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