Students spend £170 on Christmas

The UK student money saving website “Save the Student” has conducted a nationwide survey of student spending habits this Christmas.

The site has compiled statistics on how much students spend on average, how it is divided between presents and socialising, the contrast between different student groups and how students budget their spending.

The study reveals that university students plan to spend an average total of £170 on Christmas this year. Overall, students’ Christmas spending is up £9 on 2013.

According to the research, £119 is devoted to buying presents for family and friends, while £51 is left over for festive partying after a tough first term.

The results show clear divides between the sexes, and students of different subjects.

Female students spend £14 more on gifts than male students, but budget less. As a result 79 percent of them worry about where the money will come from. Meanwhile, male students plan to spend £7 more on socialising.

85 percent of Arts, Media & Design students of the North West say they’ll struggle to balance their books in the coming weeks.

Meanwhile Maths students claim to be more efficient at budgeting, as as a smaller, but still significant, 72 percent are going to find Christmas financially taxing. This is due to the fact that they spend an average of only £88 on presents for loved ones which is 26 percent less than most students.

Joe Beggs, a thrifty first-year Mathematics student, stated: “I’ve spent about £50 on presents for friends and family and less than £10 on Christmas socialising.

“I would say my spending will not be cause for struggle in later months but in order to budget for it I had to not go to the Mathematics Christmas ball as it was too expensive.”

Overall, 77 percent of students admit they will struggle financially this Christmas. Despite this, only 57 percent have been saving cash to last them into the New Year.

Riko Yamada, a second-year Economics student from Japan said: “I spent about £150 on presents and about £150 on Christmas social events. I have to cut back quite a lot this year honestly speaking.

“I planned to host my family staying in Europe and it has been quite a tight budget since the start of the winter break. Next term would be very tough in cutting budget.”

Homemade gifts and Black Friday bargains are effective methods used by students to cut back on spending. Budgeting, by early planning, is also an important tool to be remembered for next year.

Other tips from students on how to afford Christmas included cutting out takeaway coffees and eating out less.

More savings and budgeting tips can be found on www.savethestudent.org.