Suit wearing students combine studying and saving

Undergraduates across the country are increasingly entering the world of work long before they get their hands on a degree certificate.

Starting their careers early to support their education and save for the future, a third of students (31%) are turning their back on the stereotypical student life by taking on regular employment, according to a study by Yorkshire Bank.

Shunning late nights and lie-ins in favour of working when not in lectures, they’re not just pulling pints behind the union bar. A fifth (19%) of students have signed up for jobs specifically relevant to their future career aims, with the same number dressing to impress by wearing a suit to work.

Students aren’t just looking smarter either – they’re really doing their homework when it comes to looking after their hard earned cash. More than half (55%) of last year’s freshers say they have mastered the art of careful budgeting, while just 22% admitted to blowing part of their loan on luxuries at the start of term.

The ‘Jamie Oliver effect’ where fast food is forsaken for healthy meals seems to be making its way into our universities too. Three-quarters of students (74%) are cooking healthy meals from scratch, improving their concentration levels to endure long lectures. Vintage chic also seems to be in fashion with almost two-fifths (38%) of students scouring charity shops and sales for stylish bargains.

With an average national weekly expenditure of £196.56, students currently need to earn over £10,000 – over £12,000 in London - in order to be totally self supporting. Students don’t get the chance to put their feet up at the end of term either - two-thirds of students (66%) are choosing to work through their holidays. Over a third (35%) have decided to leave their backpack and passport at home in favour of earning extra cash during the summer months.

Gary Lumby, Yorkshire Bank’s Head of Retail, said: “Students are becoming increasingly savvy as they work hard to secure their professional and financial futures. Our study indicates that two-fifths (40%) of students are already actively saving for the future. Almost a fifth (18%) are so savvy they’re making money on their low rate student loans by investing the cash in savings accounts.”

To support this financial awareness, Yorkshire Bank is offering students 3.3% interest (AER) on balances over £1 - one of the highest credit interest rates for students on the market.

Yorkshire Bank’s study also shows students are finding the time to play hard, with an average national entertainment bill of £40.20 a week. Students in Yorkshire appear to spend more on entertainment than any other region with a weekly spend of £46.60, with students in the East of England spending least at £34.30. With pressure on balancing their finances, students are becoming wise to special deals including Yorkshire Bank’s two-for-one cinema cards for account holders.

Scottish students appear to have the lowest expenditure on essential outgoings (accommodation, utility bills and food) of just £88.90 per week, paying an average of £25.49 less per week than the rest of the country. Students in London are shelling out £133 each week on the basics alone - almost £20 more than the national average. Students in Yorkshire and Scotland can also get to lectures for less, with weekly public transport costs coming to just over £11, around half the bill their London counterparts are faced with.

Gemma Tumelty, NUS President said: “Students are budgeting carefully and working long hours to make ends meet. In contrast to media stereotypes of lazy student life, today's undergraduates work hard and attempt to save in preparation for finding graduate employment, getting on the housing ladder and starting families. This often leads to them working through the summer break and abandoning their plans to travel."