A recent survey has found that the average student spends four times more money on alcohol than they do on food during their first year of university.
The survey, conducted by UK lottery site Lottoland, found that students spend approximately £60 on alcohol and nights out compared to £15 on grocery shopping a week. In total, 2,109 students responded to the survey.
Seventy-four per cent of students who responded to the survey, conducted by UK lottery site Lottoland, even admitted to buying the cheapest food available so that they could spend more on alcohol and club entry fees.
The survey also found that respondents spent an estimated £90 on accommodation, £25 on transport and £30 on clothes, shoes and accessories.
The students who responded to the survey estimated that they had used up the student loan payment they received during their first semester of university after only six weeks.
Sixty-two per cent of respondents said that their budgeting skills have improved since their first year of university.
Only ten per cent said they are now less careful about how they spend their money.
Just under 30 per cent of students who responded to the survey said that their attitudes to spending had not significantly changed since they started university. Seventy-three per cent of respondents said that they worked part-time when asked how they funded themselves after they spent all of their student loan. Over half of respondents said that they borrowed money from their parents, while 34 per cent said that they relied on their student overdraft.
Dan Hawkins of Lottoland said that the amount of money that students spend on alcohol is “somewhat concerning.” However, Hawkins added: “It is positive that so many of the older students have revealed that their spending becomes a little more sensible during their later university years, and this is no doubt due in part to more emphasis being put on education and exams than nights out!”
He also noted: “Moving away from your hometown and starting a university degree is often the first time that young adults will have the chance to move away from their parents control and start taking responsibility for their own lives.”
A second-year English student told Nouse: “It’s natural that students want to go out and have fun but it seems excessive to spend £60 a week on nights out. You can still have a good time without spending a huge amount of money.”