A recent survey to determine the best cost effective location to be living if you are a university student revealed London as the top spot for undergraduates, coming out as number one in a list of twenty-five. NatWest’s latest annual Student Living Index claims undergraduates in London have more opportunity for well paid part time jobs than anywhere else. Setting expenses against opportunities for part time earnings revealed York as the least cost effective city for students.
Students in London earn an average of 5,024 pounds a year from part time work at an average hourly rate of 9.91 pounds according to the survey.
Tom Anderson, head of NatWest Student Banking, stated: “Savvy students are keeping their finances in check, with London students generating an average income equivalent to approximately 7,850 tins of baked beans. Students in Brighton generally spend more than students anywhere else, which damages its cost-effectiveness. Brighton students, for example, spend more on travel than undergraduates elsewhere because they have to travel further to visit family and friends at other universities.”
Adamson also noted that York had made the honor of being the least cost effective for university students for a second year. He said the reason is mainly because the students study more and work less there. York students study an average of 26 hours a week versus the national average of 22 hours. Dundee students work the most hours of all at an average of 16 hours a week, and Southampton undergraduates work the least at just above 11 hours a week.
The survey revealed suprisingly that 46 per cent receive no parental financial assistance and must rely on debt and part time work to get their education. Many are facing the realities of the job market with just 48 per cent expecting to have a job within the first year after graduation.