A recent study has revealed that the monthly cost of living for students has climbed by an average of £42.56 in the last year. Do you think you pay more for your monthly expenses now than you did a year ago?
New research revealed that monthly living costs have risen for university students. While the average was £752 in 2010 it now stands at £795.
Aside from an increase of almost £50 per month, the analysis made by Family Investments revealed that costs have increased by 34% since 2004 - when the monthly cost of living was £561. Since then, students have seen an annual increase of over 5% a year.
This increase doesn’t even take into account future university tuition fees, which are set to add a significant burden to student expenditure.
Highest and lowest graduate expenses
Rent and food are the two categories that account for the majority of student spending. Rent is the highest single expense, with an average cost of £163 a month on accommodation - up from £156 a year ago. Food is the second most expensive cost with monthly expenditure on this item increasing by 38% since 2004 from £44 to the current £65.
Despite the majority of costs having increased, there is one category that has actually decreased: communication. This includes mobile phone costs, which have fallen from £23 a month in 2004 to a current cost of £19.The research also revealed that students beginning their university education in England - where fees are estimated to average £8,630 from next year- will incur the largest amount of debt for an undergraduate course, leaving with an estimated bill of £59,100.
University fees are a growing concern for many families sending their children off to higher education. Coupled with rising living costs students and their families will need to plan adequately for their financial futures.