More students than ever working to fund university, survey finds

A recent survey by insurance firm, Endsleigh, has revealed that a record number of students have to work to pay for university More students than ever working to fund university, survey findsand approximately 50 per cent rely on their overdraft to make ends meet.

Of the students in the survey, 77 per cent found a job to earn some money to put towards the cost of university. This figure represents a significant increase from 2014’s 59 per cent and 2013’s 57 per cent.

The survey of 4,642 students revealed that 63 per cent have a part-time job and 33 per cent work part-time during term time.

14 per cent of the respondents said that they have a full-time job during term time, the holidays, or both.

The researchers highlighted that the increase in students working has not resulted in a decrease in students relying on other means of finance, such as tuition fees – which currently stand at £9,000 per year.

Of the students in the study, 53 per cent said that they are dependent on their parents for support with the cost of university and 74 per cent now depend on their student loan for their main source of income, an increase from last year’s 67 per cent. Almost half of the respondents (46 per cent) said they use their overdraft to stay afloat.

The survey also highlighted that 57 per cent have taken on a job to help pay for food, household bills and accommodation and 56 per cent have committed to a job to earn money for going out and socialising.

The students who decided to work earn an average of £412 per month during term time and revealed that books, clothes, university equipment and travel were of the biggest cost to them.

56 per cent said that they had underestimated the cost of university and of the costs most frequently underestimated; accommodation came top of the list, with 58 per cent of the respondents saying that bills and rent are more costly than anticipated.

Manager at Endsleigh, Sara Newell, said of the findings: “This year we have seen a huge leap in the number of students finding employment whilst at university.

“While many still rely on their parents and student loans as main sources of finance, unexpected costs at university mean that many are looking for jobs to help ends meet.

“However, there is no doubt that being employed whilst at university serves a dual purpose and a considerable number of students are also looking to bulk up their CVs to enhance their future job prospects.”

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