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Gloucestershire Business News

Students doing more part-time work

The time students spend in part-time work has increased on average by 154%, according to new data.

The average student spends 46.39 hours per month in paid work, up from 18.3 hours per month in 2023, as revealed by the NatWest Student Living Index.

Students in Salford, Ormskirk and Derby spend the most hours in part-time work, each averaging more than 60 hours a month.

The NatWest Student Living Index surveyed 6,186 students to determine the most affordable place to study. The survey considers a range of factors, including how much students spend going out and the income they earn from part-time work.

The index takes account of the average monthly living and accommodation costs divided by average monthly income (excluding student loan), to calculate a score for university towns and cities across the UK.

Rents have increased again this year, and faster than inflation, with an average increase of 17%. The national average monthly rent for students now stands at £689.43.

London is the most expensive city in the UK for students to rent, with an average cost of £1,031.60 per month, up 23% from 2023.

Lincoln is the least affordable student city, taking Edinburgh's spot from 2023.

Household bills have jumped to the second biggest spend for students, overtaking supermarket spending. Household bills have soared by 358%, costing students on average £157.78 per month, up from £34.48 per month in the previous academic year.

More than half of students (52%) have found themselves running out of money by the end of term - up from 46% in 2023. Only a fifth (19%) of students are confident in their money management.

More than four fifths (81%) of students take steps to budget, with 93% saying they had made changes to their lifestyle in order to live within their budgets.

The most common cuts students have made over the last academic year include online shopping (59%), nights out (55%), the number of meals eaten each day (38%) and cancelling subscriptions (22%).

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