UK students spend like there’s no tomorrow

A new study has found that one in six students spend their entire student loan in the first month of university, living up to the old adage, “a penny saved is a penny not spent at the Union bar.”

In the study commissioned by VoucherCodes.co.uk, “beer, cider, and spirits” were labeled as the second-largest category of expense for the average student, following “supermarket shopping”. Though in St Andrews both categories tend to go hand-in-hand,  our reputation of having the most pubs per capita of any town in the UK precedes us and our bank statements.

St Andrews freshers are keen to budget effectively, as Rebecca Tivey said, “I have access to my entire loan, but spend only £55 a week.” When asked if she could maintain such self-restraint, she answered, “I’m not optimistic.” A 3rd year, who wished to remain anonymous, laughed hysterically when The Stand asked about the state of his loan.

Scotland and England manage their loans differently; Scotland installing loans on a monthly basis rather than by term, as England does. Though this method seems to give Scottish students a budgeting advantage, the study found that Scottish teenagers actually spend their loan the quickest, on average within 43 days.

Without funds for heating, St Andrews students may freeze come December, but at least we can take comfort in the fact that loan money was used to support local businesses like  the Vic, the Rule, and the Lizard.

Image courtesy of  degreedirectory.com