The average first year student will spend four times more on alcohol than they will on food, according to a new study looking into the financial choices made by university students during their first year of university.
Students estimated their average rent, including bills as £90, average weekly shop as £15 and average spend on alcohol and going out as £60. They also estimated a spend of £30 a week on clothing and shoes, £30 on transport and £40 on other things such as mobile phone bills and hobbies. Most admitted to running out of their student loan within 6 weeks.
The 89% of students said they went out at least three times a week during first year, and 74% said they shopped at the cheapest possible place to spread their money out onto alcohol and entry to clubs.
73% of students took up a part time job to fund their expensive habits, while 56% admitted that they had been forced to borrow money from their parents in order to make it through the semester, and 34% admitted that they relied on an agreed student overdraft to make sure they didn’t run out of money during their first year.
Lotto Land polled a total of 2,109 university students for the research.