Rents in Northern Ireland are still providing a boost to student living standards, with monthly rents around 57% lower than the UK average (£437.40 vs £251.50), according to figures from the latest Ulster Bank Student Living Index.
The findings show how local students measured up to those in cities across the UK when it comes to income, expenditure, how happy they are with the university and how the pandemic impacted their studies this year.
Ulster Bank Student Living Index
According to the survey, Belfast ranks as the fifth most affordable city for students falling slightly behind Durham, Leicester and Cambridge. Students in Manchester are enjoying the most value for money, overtaking Cardiff which topped the bill in 2019. The cost of living for students across the UK has dropped by 1% since the 2019 survey results were published.
Those studying in Belfast can expect to spend an average of £28 on alcohol a month – around 40% of what is spent monthly on groceries. They manage to pack this spending into the 23.7 hours a month that they spend socialising, less than the 29.3 UK average and well behind Durham students’ 43.3 hours.
Interestingly, students in Belfast recorded the highest number of hours spent on part-time work. While two thirds of those surveyed do not spend any time at a part-time job, on average students in Belfast were spending 21.7 hours each month working alongside their degree. Perhaps as a result of this time spent at work, Belfast students spent the least amount of monthly hours studying at home, 27.7 hours, less than half the amount of time students at Cambridge were recording.
Despite taking advantage of lower living costs, the survey revealed 25% of students in Belfast feel stressed about manging their finances, scoring 7% higher than the UK average. Even with a higher number of hours spent at part-time jobs, the monthly income of local undergrads fell below the UK average by almost £89. Contributions from friends and family here was also lower than the UK average by around £34 each month and almost half of what students at Oxford can expect to receive towards the cost of living.
Terry Robb, Head of Personal Banking at Ulster Bank, said: “It’s troubling to see 1 in 4 students here feel stressed when it comes to money management so we want to work with local universities to address this issue. We know that better money health leads to better mental and physical health so it’s important students here feel supported.
“Starting university is a big change, and in addition to your course, students have to think about managing all their bills and outgoings effectively. Our student account makes things easier, with an interest-free student arranged overdraft, commission free travel money and balance alerts. We’ve also made some changes to our award-winning app which helps students to categorise their spending, and keep a close eye on their outgoings.”
The Student Living Index also surveyed students about how covid-19 has impacted on their university experience. Across the UK, one in four students thought the pandemic has had a negative effect on their ability to achieve their degree qualification with Plymouth (39%) and Sheffield (35%) students feeling most affected.
Belfast students have ranked their quality of online education as being above the UK average but below average when it comes to feeling supported by their university since face-to-face classes and lectures were suspended. Over two thirds of students were offered either online courses or counselling to help support them during the crisis.
