Six in ten university students also have jobs

More than six in 10 (61 per cent) university undergraduates in full-time education also have jobs, according to new research from the 1l2l3 Student Current Account.

The average student earns £4,478 annually, although six per cent earn between £12,000 and £30,000 per year, and works eight hours per week during university term time. Outside of term time however, this rises to 18 hours. 29 per cent of students work 30 hours per week or more outside of term time, equivalent to full time employment.  

Fifty-eight per cent of students said they earn money to cover university costs. Whilst gaining work experience for future employment prospects (55 per cent), ensuring a good standard of living with luxury goods (49 per cent) and saving for after university (42 per cent) were also frequently cited.

Retail is the most popular choice of industry, accounting for almost a third (31 per cent) of all undergraduate student employment.

Proving that it pays to know your numbers, finance and accounting students earn the most at £7,037 per year. Those studying law or business and admin are the most likely to be in paid employment, with 69 per cent of students on these courses working.

Steve Pateman, Head of UK Banking commented: “Paid employment not only offers students valuable work experience, it also helps cover the rising cost of attending university. Many students are financially savvy and proactive when it comes to earning money, so we’d encourage them to adopt the same approach when choosing their current account.

“Our 1l2l3 Student Current Account offers up to 3% interest on balances and savings of over £700 on train fares with the free 4-year 16-25 Railcard, making it a great option for those looking to minimise their costs and maximise their earnings.”

The 1|2|3 Student Current Account also comes with an interest-free, fee-free Arranged Overdraft up to a maximum of £1,500 in the first three years of study, £1,800 in year four and up to £2,000 in year five. The Santander 16-25 Railcard, in-credit interest and interest-free Arranged Overdraft show the long term value Santander is offering, which is why more students opened their accounts with Santander than any other bank in 2013.