Ulster Bank released their annual Student Living Index today, uncovering some interesting facts about students’ habits here in Northern Ireland.
The survey showed that university students here spent on average around a third less for rent than their counterparts in the rest of the UK. Average monthly rent for a student in NI is £325.90, compared with £486 in the UK.
Belfast came tenth in a list of the most affordable UK cities for students to live in, whilst Cardiff was deemed the most affordable. Affordability is calculated by dividing students’ average monthly accommodation, activities and item costs by their average monthly income.
When it came to worrying about money, students in Northern Ireland were also less concerned than students in the UK. 14% of students here reported money-related stress, which was the joint lowest alongside Glasgow, and which is almost half the figure for London, which came in at 27%.
When it came to stress levels, students in Belfast were again the least stressed in the UK, according to the survey. Noticing a trend? 33% of students found studying at university ‘very stressful’, compared with the UK average of 45%.
Belfast students could also expect to spend £22.90 on household bills and £25.90 on alcohol each month. Socialising with friends was below the UK average of 28.2 hours, coming in at 25.4 hours. Oxford students came out tops with 42 hours per month (really?!).
There was a big drop in the amount of hours spent hitting the books this year compared with last year. In 2018, Belfast students spent an average of 86.8 hours studying each month, compared with 5.3 hours in 2019. Slackers!
Terry Robb, head of personal banking at Ulster Bank said: “It’s welcome that students in Northern Ireland aren’t as stressed as their peers when it comes to money management – we know that better money health leads to better mental and physical health.”
“Starting university is a big change, and in addition to your course, students have to think about managing all their bills and outgoings effectively.”
Starting university can definitely be a big eye opener when it comes to managing money, particularly if you decide to move out.
If you need advice on how to #AddressYourStress, read our blog for more info.
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