Recent research undertaken by savings provider Family Investments indicates that living costs for students have risen by £42 per month in the space of the last year. This means those in further education currently require in the region of £795 per month, compared to £752 a month one year ago, ensuring annual living costs for students are now £9,541.
The biggest area of expense is housing rental, which is around £163 per month for the average student, although the rise of £7 in the average monthly rent is relatively small. However the cost of living in other areas has risen dramatically, with food prices up by an average of 38 percent. As Kate Moore, Savings and Investments Head for Family Investments points out, the concern for students is that these increases do not incorporate the rise in annual tuition fees.
“Young adults face unprecedented financial commitments and the steadily rising cost of living is yet another factor they will have to consider as costs such as food creep up. The consequences of increased tuition fees and living costs are as yet unknown but we anticipate that we will see a greater proportion of students going to university near their home town so that they can continue living with parents and possibly taking on part-time jobs,” said Moore.
The research by Family Investments suggests that, for those students beginning a degree course this year, living costs will have risen to £11,253 a year by their graduation in 2014.