Edinburgh is the most expensive city for students to study in, according to the Royal Bank of Scotland’s Student Living Index.
Above average rent costs, combined with significantly lower than average term-time income make Edinburgh the least affordable place to study in the UK.
Despite this Edinburgh students are still the highest spenders when it comes to going out and spend above the weekly average on alcohol.
The Royal Bank of Scotland Student Living Index surveyed 2,500 students across the UK to determine the most affordable place to study. The survey takes into account a range of factors, from how much students spend on going out to how much time they spend studying.
In stark contrast to Edinburgh, Glasgow is one of the cheapest student cities when it comes to accommodation, with average weekly rent up to £15 cheaper than the UK average at only £95.16 per week.
Weekly rent in Dundee is even less at £94.49, allowing Dundee students to spend above average on clothes, shoes and accessories.
Portsmouth is the most affordable city in the UK for students, closely followed by Liverpool and Newcastle. Students in all three cities have the highest term-time income helping to make them some of the most cost efficient places to study.
Portsmouth students pay slightly more rent than the UK average but are topping up their term-time income by working around 25% more hours in part-time jobs. However they still have time to socialise, coming in at number three as the most sociable place to study.
The majority of a student’s income comes from student loans, which on average are £161.14 per week, four times higher than any other source, including part time work. After loans, money from the bank of mum and dad is the largest income source.
For students in England and Wales fees are higher than ever, however only 1 in 50 take fees into consideration when deciding which university to attend. Other concerns such as subject choice, university reputation, distance from home and the cost of living were more important for 98% of prospective students.
Managing money is less stressful than actually studying for a degree. The research found over half of students are stressed about managing their finances and less than 2 in 5 having a dedicated budget. Around 4 in 5 students find studying for their degree stressful.
Traveling home costs students around £300 a year. The NatWest Student Account comes with a four year National Express Coachcard which offers a third off travel which could potentially save £100 each year.
Dan Jones, Royal Bank of Scotland Head of Student Accounts said: “Making the most of University can be expensive and there is a massive difference in the costs students face depending on where they choose to study. The Royal Bank of Scotland student account goes someway to help students budget throughout the year offering one of the best overdrafts and an award winning mobile app.”
For the full results of the study, see the Student Living Index 2016 web page.
For more information on the Royal Bank of Scotland student accounts, click here.