Student Shortfall

It is interesting to learn that the average student in the UK is short by around £277 each month, according to the website Save the Student.

It was found by The National Student Money Survey that students on average spend £735 per month but receive only £458 in loans.

Around 37% of students ask their parents for assistance during a financial emergency while a around a quarter take out a bank loan to cover the shortfall.

There is a small proportion, just 16% of students who have a part-time job to meet the monthly shortfall, while up to a fifth rely on money from their parents to support their studies.

The figures:                                       

·         80% of students constantly worry about money

·         46% have had their studies affected by financial concerns and 58% said it affects their diet

·         A third of students have never budgeted

·         A third feel that parents do not give enough financial support

·         The average student has £350 in savings.

Jake Butler, editor of Save the Student, said:

"It's a thorny issue of how much parents should contribute to the shortfall, and it entirely depends on individual circumstances. Ultimately I don't believe parents should have the expectation put upon them.

"However with hearing daily horror stories of students living on the breadline, I feel it's still important that parents are made more aware of the situation their child at university may be in."