You are here: Home - Saving & Banking - News -

Student spending: Deliveroo, brunch and gym memberships

0
Written by: Emma Lunn
09/08/2019
Students are more likely to spend money on going out for brunch than pot noodles, while one in five undergraduates are teetotal, according to Santander.

A study by the bank revealed the shifting financial priorities of the current generation of university students. It found a fifth (20 per cent) don’t drink alcohol and more than half (56 per cent) have a gym membership.

Nine in 10 (91 per cent) of students buy fresh fruit, compared to 87 per cent who buy chips. More than two-fifths (44 per cent) actively look for discounted items to keep their spending in check.

Research from the bank shows that students are more likely to go out for brunch (68 per cent) than to eat pot noodles (65 per cent), while a quarter (25 per cent) visit a coffee shop at least once a week and more than four in 10 use Deliveroo (or another online delivery service) at least once a fortnight.

To finance their spending, one in four (40 per cent) students have a part-time job during term time and 45 per cent work during university holidays. However, more than a third (37 per cent) rely on money from parents or family, while 13 per cent have borrowed from a loan company, and 8 per cent have signed up for a credit card.

Hetal Parmar, head of banking and savings at Santander, said: “Our research shows today’s students are choosing to spend their money very differently to previous generations. Far from the stereotypical student staples of Pot Noodles and baked beans, students are instead choosing to spend on health and wellbeing. For many, starting university is a first step to financial independence – so careful money management, getting the right support from their bank and value from their bank account can be an important part of making the most of student life.”

Santander student account

The Santander 1|2|3 Student Current account is available to all students or school leavers taking up higher or degree-level apprenticeships. It comes with a free four-year 16-25 Railcard (worth £120) which gives students a third off standard rail fares.

Students also benefit from access to 1|2|3 World offers, such as 30 per cent off travel insurance, as well as up to 15 per cent cashback at major retailers.

The student account comes with a fee-free arranged overdraft of up to £1,500 in years one to three, up to £1,800 in year four, and up to £2,000 in a fifth year of study. In credit interest is paid at 3 per cent on balances between £300 and £2,000.

Shop around for a student account

Freshers should compare student accounts before making a decision about the right one for them.

Lloyds Bank is offering students a three-year Totum discount card (previously NUS Extra) worth £32. It also offers a fee-free overdraft of up to £1,500 in years one to three, which can be extended up to £2,000 in years four to six.

Lloyds’ “Everyday Offers”  offer up to 15 per cent cashback at selected retailers including Morrisons, Costa, Nando’s, Just Eat, Subway and New Look.

HSBC is offering students £100 cash if they open a HSBC Student Account, as well as 12 months membership of British Cycling worth £24.

HSBC accountholders will have a guaranteed interest-free overdraft of £1,000 on account opening. They can then request a £2,000 overdraft in the second year of study, and £3,000 in their third year.

NatWest and the Royal Bank of Scotland offer the biggest overdraft for first year students, with customers able to borrow up to £2,000 fee-free. Students can also choose from a Tastecard, one-year membership of Amazon Prime, or a National Express Coachcard.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • RT @YourMoneyUK: Government plans cut to minimum shared ownership stake https://t.co/Sqsh6S0Tm0
  • RT @WeareJust_PR: “Families tend not to talk about money and death. But if we don’t talk about these themes it becomes very hard to make pr…
  • RT @RoyalLondon: Voluntary NI contributions to state pensions have risen - @stevewebb1 hails this as “great news that the message is gettin…

Read previous post:
Eight in 10 areas lack full 4G coverage

Millions of mobile users are at risk of mobile signal blackouts because they live in the four-fifths of UK constituency...

Close