The Truth About Student Spending

LONDON, November 29, 2013 /PRNewswire/ --

Students spend just £28 on alcohol but £140 on groceries each month, according to NatWest's latest student spending infographic.  

We surveyed students nationally to find out exactly where their money goes, but also added a delicious little twist: we asked parents where they thought their kids' money was going as well. As you might imagine, what parents thought and the reality, were not always the same.

The colourful little graphic - titled The Truth About Student Spending - breaks down exactly where students' money is going. We looked at how much students spend on things like rent, alcohol, their phone, and groceries as well as finding out exactly where their money is coming from. For example, we discovered students are, on average, getting £612 from part-time work but, more than £1000 from their parents.

We then turned to the parents and asked them what they thought their kids were spending. One of the biggest differences was in relation to students and their overdrafts. Some 28% of students surveyed admitted to living in their overdraft while just 8% of parents thought their offspring were over-budget.

Not that the groups differed on absolutely everything. Forty-eight per cent of students said they asked their parents for hand-outs during term-time while 52% of parents said they are regularly relied upon for cash.

For the full infographic check out SavetheStudent.org, and see if the results correspond to your own experiences of student life.

The information was collated on behalf of NatWest and is a nationally representative survey conducted between July 29 and August 2 2013. The total sample was 400 adults, 200 hundred of which were full-time students aged between 18 and 25.

To open a student or current account with NatWest give us a call on +44(0)800-881-771 to make an appointment or to speak to an advisor.