Student living index 2023
Thinking about budgeting for university? Could the latest research about student living help you navigate the rising costs of uni life? Read on to find out
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What is the student living index?
The student living index is a theoretical cost of living measure focusing on specific factors affecting student life today including the current economic situation.
NatWest Bank conducted a Student Living Index Survey in 2023 involving 3052 students across 63 university towns and cities in the UK. The survey gives fresh insights into how affordable it is to live in a particular area and other cost-of-living pressures, mental health, and student spending and budgeting habits.
What are the headlines coming out of the NatWest survey?
Affordability
According to the survey, Bournemouth is the most cost-effective university location in 2023, achieving the lowest student living index overall. Cardiff is second followed by Lincoln in third. Other places in the top ten, from fourth to tenth, are Portsmouth, Newcastle, Manchester, Leeds, Birmingham, Oxford and Leicester.
Affordability in this instance is calculated by dividing students’ average monthly accommodation, activities and item costs by their average monthly income.
How are students spending their money?
The average monthly student spending is £109.57. Rents are still the biggest outgoing, followed by the supermarket shop. While both will have increased in 2023, it’s food prices that have soared, up 44% compared to 2022. Perhaps because of this, students are generally spending less on alcohol, take-aways and clothes.
Study v socializing and part-time work
Interestingly, the survey showed that students are generally spending less time in part-time employment, less time socializing and more time studying.
Cost of living crisis
Budgeting is more important than ever with 78% of students setting a monthly budget and nine out of 10 actively making changes to stay within their monthly budget. Cardiff, Bournemouth and Glasgow students are proving the thriftiest. When it comes to the average cost of a pint, Lancaster offers the cheapest at £3.81 while London (£5.51), Cambridge (£5.07) and Oxford (£5) are the priciest.
Not sure how to budget effectively? Discover more in our budgeting advice.
Mental health and wellbeing
Despite the economic challenges, enjoyment levels stay solid, with those based in Bristol, Coventry, Oxford and Cambridge enjoying their university degrees the most. However, more than one in five students are very dissatisfied with the financial support provided by their university. The National Union of Student want the government to do more to help students with the cost of living crisis.
How is it relevant to you?
The student living index can give you valuable insights into the realities and opportunities of being a student today. As well as giving a general picture of trends, you’ll understand what and how much to budget for and the affordable and most expensive places to live around the UK.
However, you should be aware that student income in this study also includes contributions from parents. This may mean that some universities with a high number of wealthy students may come out quite well on the student living index, thus the results may not be all they seem.
Armed with this information you can make some big decisions like whether to go away to university or study from home.
- READ MORE
- Going to university – at home or away?
- More university students than ever are choosing to live at home in 2023
How can it help you choose a university?
It’s likely that you will end up with a shortlist of universities and colleges based on a range of factors important to you. Learning more about the student living index across various university towns and cities could help you make informed and pragmatic choices on where to study.
Uniselect can also help you create shortlists based on affordability by selecting your weekly accommodation budget amongst other criteria.