Are university-bound students worried about money?

With rent expected to be their biggest expense, a yLink survey finds that almost two thirds of school-leavers are concerned about costs of university and are looking for ways to save money

With A-Level results coming out Thursday 18^th August, many of Northern Ireland’s school-leavers are getting ready for university or other third-level college. But according to a new study carried out by Translink, university-bound students are concerned about the costs of attendance.

Results from a representative sample of Northern Ireland school-leavers carried out by Translink show that 64% of those surveyed are either very concerned or somewhat concerned about the cost of university or college. Of those surveyed, almost all of them (63%) expect to pay for it with student loans.

While in third level education, 57% of school-leavers surveyed expect rent to be their biggest cost, while 22% said travel will be their next significant expense.

Carol Lundy, Translink Brand Manager, said the survey confirms the genuine concerns many first-time students face and the importance of saving money where possible.

“The transition from home to university can be a big change for school-leavers,” Carol said. “It’s often the first time young people have to manage a budget and have full financial responsibilities such as paying rent and buying groceries.”

“This is one of the reasons why we created the yLink card, aimed at 16-23-year-olds, as we wanted an easy way for students to save money on travel and a range of other partner services. Results from our survey show 39% of school-leavers already plan to take the bus and 27% will take the train. This is great to see as taking the train or bus also gives them more time to catch up on coursework or unwind after classes as well as helping them save on petrol and parking.”

Results from the survey also show that students are very money savvy and they have plenty of tips to share. Many university-bound students suggested avoiding impulse purchases and keeping a strict budget. Others recommended small changes like bringing a packed lunch or going with bargain brands instead of high-end goods.

“Students have enough to worry about when starting university, so they shouldn’t have to stress about money,” Carol added. “That’s why we encourage all young people from 16-23 years old sign up for a yLink card and take advantage of the travel and other partner discounts. All yLink cardholders receive a third off bus and rail travel and 50% off Translink’s Enterprise service. These savings add up. For example, a student travelling from Derry-Londonderry to Queen’s University Belfast weekly can save £304 over an academic year – that’s potentially a whole month’s rent!

“To make it even more attractive we are offering students that sign up early, a free card during our ‘Free Fortnight’ period from 15^th-29^th August making it even more affordable and accessible. Also starting 15^th August, yLink Metro Tickets and NI Railways will also be available to buy on our mLink app.”

In addition to the travel savings, yLink cardholders also receive discounts and offers with various partners across Northern Ireland, such as Clement’s Coffee, Odyssey Cinemas and DV8.

The normal one-off cost for a yLink card is £8. For more information about yLink or to sign up for a yLink card, please visit translink.co.uk/ylink.