More students working to fund university

New research from Halifax reveals that almost three-quarters (73%) of university students work to help fund their studies - up from (66%) in 2008.

Over one in seven (15%) students feared that the current economic climate may force their parents to stop help funding their studies. A further third (31%) were uncertain about the potential impact economic conditions would have on parental funding.

More students now work during term time rather than just during holidays

Almost half (46%) of students said they have a part-time job during term time to help with university costs. Again, this is an increase from the previous year (2008) when 41% of students indicated they were working during term-time.

Students studying in Northern Ireland are most likely to have a job

86% of students studying in Northern Ireland said they had a job during holiday time to help pay for their studies, with 76% saying they had a part-time job during term-time.

Students studying in the West Midlands were least likely to have a job during holiday time (64%) and students studying in the South East (38%) were least likely to have a job during term time.

Students in the later years of study are most likely to feel the pinch

Students in their third year of study were most likely to work, with four in every five (81%) indicating they had a job during the holidays to help fund university.

All work and no play

The Halifax research revealed that, of those students that do have a part-time job during term time, the average number of hours worked per week is almost 13.5 (13.3 hrs).

One in ten students (11%) working during term time said they worked more than 20 hours a week.

Amongst students who have a part-time job during term time, students studying in Scotland were most likely to work more hours, working on average 15.6 hours. This compares to students in the East Midlands who work 11.7 hours.

Mike Regnier, current account director for the Halifax, said: "Our research shows that more and more students have to work to fund their university studies. Many students said they expected their parents to withdraw the financial support they had given in previous years.

"It's more important than ever that students make every penny count. This includes sensible budgeting and keeping the cost of debt to a minimum. Selecting a current account with a generous interest free overdraft is one way of achieving this."

The Halifax Student Current Account offers an overdraft of up to £3,000 interest-free.