BELFAST university students pay around a third less for rent than those in the rest of the UK, according to a new survey.
The latest Ulster Bank Student Living Index has revealed that Belfast is among the cheapest places to live for students, with the average monthly rent of £325.90, significantly less than the UK average (£486). Overall, the index has shown Cardiff to be the most affordable city for students.
The findings also show that local students are less concerned about money, compared to their counterparts in the rest of the UK, with just 14 per cent reporting money-related stress - the joint-lowest alongside Glasgow and almost half the level in London (27 per cent).
The data also demonstrates how students in Belfast are the least likely in the UK to be troubled by their work, with with only a third (33 per cent) rating studying for university as being very stressful, compared to an average of 45 per cent.
Looking closer at the figures local students said they expect to spend just over £25 (£25.90) a month on alcohol - 13 per cent more than household bills (£22.90). Those surveyed in Belfast also socialise less than students in the rest of the UK, with the 25.4 hours recorded a month, below the average (28.2 hours) and well behind Oxford students (42 hours).
Time spent on academic pursuits has dropped in this year’s survey, with 57.3 hours of study reported a month.
However, the number of monthly hours worked part-time has held up, with local undergrads tied for fourth-place out of all UK cities.
Parents and families, bursaries, and student loans continue to make up a low proportion of income for local students.
Reflecting on the latest index,Terry Robb, head of personal banking at Ulster Bank said:
“It’s welcome that students in Northern Ireland aren’t as stressed as their peers when it comes to money management – we know that better money health leads to better mental and physical health.
“Starting university is a big change, and in addition to your course, students have to think about managing all their bills and outgoings effectively."
