- Belfast students spend the least amount on rent (£324.96 per month)
- But they also have one of the lowest term-time incomes in the UK
- Belfast students in the top-3 for part-time hours worked and second-last in terms of socialising.
Belfast students benefit from some of the UK’s lowest rents, but also have a lower income than their peers across the UK, the Ulster Bank Student Living Index reveals today.
Belfast students are also among the top-three in the UK when it comes to part-time hours worked, with almost 22 hours per month, placing them just behind Aberdeen (23 hours) and Stirling (29), according to the survey of 3,400 students in 35 cities.
At £324.96 per month on average, students here spend the least amount on rent of all the cities surveyed (the UK average is £448 per month), but their term time income was also second lowest, above Glasgow.
Belfast students receive £155.40 a month from term time work – above the UK average of £96.70. However, they receive less on average than most other UK cities via student loans and from their parents.
In terms of what they do outside of their studies, Belfast students socialise less, spending an average of just 19 hours a month socialising, slightly above London (16) but well below the UK average of 27 hours. However, they spend around the UK average on alcohol (around £27 per month).
Of their monthly income, Belfast students spend an average of £34.50 on clothes, shoes and accessories.
And 14% of Belfast students said that going to university close enough to home to live with their parents motivated them to choose to study at their university – double the rate of UK average (7%).
Sean Murphy, Managing Director, Personal Banking, said: “Choosing where to study is an important financial decision as for many, it’s the first time that they learn the skills of budgeting and planning their finances for themselves. It’s a really important life-skill to pick up alongside your studies. Ulster Bank’s student account provides flexible ways to bank and stay on top of your finances, including our award-winning mobile app, an interest-free student arranged overdraft and commission free travel money. These are intended to help students budget effectively throughout the year.”
Cardiff is the most affordable place for students to study in the UK, closely followed by Aberdeen and Durham. Glasgow is the most expensive. Students at Oxford and Cambridge spend the most hours studying, 124hrs and 138hrs each term. This is well above the national average of 91 hours and more than double the number of hours students in London (62hrs) spend studying.
For more information on Ulster Bank’s student account, visit http://digital.ulsterbank.co.uk/personal/current-accounts/student-account.html