Students spent more on rent and less on recreation in 2013

The amount of money spent on living costs by students fell in 2013 for the second year in a row. However, this fall was driven by a spending pinch on discretionary items like clothing and recreation, while spending on core items such as rent rose sharply. This suggests student finances are being squeezed with less disposable income to spend, according to analysis of the latest official figures by Family Investments.

Excluding tuition fees, students spent £192 a week on basic living costs in 2013, a 3.2% fall from 2012 and a 9.5% fall from 2011. This means the annual average student cost of living now stands at £9,988.

Rent remains the single biggest cost for most students and jumped in 2013 to £214 per month from £171 in 2012. The increase hides some regional variations with students living in large cities likely paying higher prices for accommodation on average. Likewise, expenditure on transport rose, up 4.3% from the previous year with students spending £78 a month in 2013 on this.  

The fall in living costs overall was a sharp drop in discretionary spending from 2012, suggesting more of the student budget is being taken up with core costs such as rent and tuition fees.

Between 2012 and 2013 spending by students fell on clothing by 25.3%; on food by 8.1%; and on recreation by 29.5%. The amount spent on alcohol also fell after a rise the previous year, with students spending an average of 39.6% less than they did in 2012.

When tuition fees are added in students are looking at total costs each year of over £18,000 if they pay the maximum of £9,000 in fees.

Taken over the long-term, student living costs have risen 5.2% a year on average since 2004. If this trend continued, annual living costs would exceed £13,000 by 2019.