The Student Living Index from Ulster Bank provides an overview of what it's like to be a student in a university in 2024.
Other significant findings indicate that students are working part-time for an average of 154% more hours than they were in 2023, that average student monthly rent has increased by 17% since 2023, and that more than half of the students surveyed admit to running out of money before the end of the term.
In order to identify the most inexpensive university, Ulster Bank Student Living Index polled 6,186 students. The index takes into account a number of variables, such as the amount of money students spend on entertainment, their income from part-time jobs, and other household expenses.
According to the survey, Belfast is the cheapest city in the UK for students to reside in because of its very low average monthly rent of £554.
The index determines a score for 32 of the most well-liked university towns and localities in the UK by dividing the average monthly living and lodging expenses by the average monthly income (excluding student loans).
With an average monthly cost of £157.78, household expenditures have increased by more than 300% this year, ranking as the second largest expense for students.
According to the research, "Belfast students were somewhat exempt from this rise," with those polled saying they spent £57 on home expenditures. "Similarly, at £100 and £96 per month, respectively, supermarket spending in Belfast and Derry was at the bottom end of the scale."
This year, the average price of a pint has gone up by 6%, and London remains the most costly city. Students studying there should budget £5.74 for a drink, and almost 25% of them frequently spend between £7 and £8.
According to Terry Robb, head of Ulster Bank's personal banking, "this year's Student Living Index paints a pretty realistic picture of the financial experience university students are having in 2024."
"As the cost of living has increased for everyone, including students, it is not shocking to hear that expenses like rent, utility bills, and grocery shopping have increased this year."