Results of a new survey have revealed that students spend their student loan within the first month of having it. According to a survey the average student will have spent their loan within 51 days, however, one in six will spend it within just 28 days.
The research was commissioned by saver site vouchercodes.co.uk where many of you students can go to save money on clothes and food (cheap Domino’s anyone?) and it was revealed that November 20th will be the time that most of their loan will go.
Around 1000 students were asked about their spending habits excluding tuition fees so food, nights out and clothes were all included.
Duncan Jennings, co-founder of Voucher Codes said: “Our research shows the current crop of students will be running out of cash three and a half weeks before the end of their first term.”
Some students (probably most of the girls) said that they spent their money on drinks and pampering with one in three saying that they regularly drink expensive cocktails with alcohol being the second highest expenditure whilst 13 percent said that they splash the cash on beauty treatments.
The largest expenditure was said to be supermarket shopping, but this isn’t too surprising, after all everyone needs food and of course accommodation will account for a lot of the total loan.
It appears that Scottish and Welsh students are best able to stretch their cash with those in Scotland managing to stretch their cash for 43 days and those in Wales for 56 days but this could be due to living costs.
How do you spend yours?