Tuition fees remain the biggest annual outlay, costing £8,601 per year for the average student starting university in the academic year 2014/15. In addition, the average university student outlays a further £9,512 per year on all other living expenses.

The research found that students studying in Cambridge spend the most, an average of £10,778 per year on general living expenses, which doesn’t include tuition fees. Students studying in Cardiff spend around 29 per cent less on their general living expenses, currently averaging £7,649 per year.

The study coincides with the launch of Santander’s new mobile banking service “SmartBank” which is aimed primarily at students. It is designed to provide a comprehensive summary of an individual’s financial situation and is available on both Android and i-Phones.

Aside from tuition fees, accommodation is the biggest expense, costing the average UK student £4,169 per year, up from £3,882 in 2013. Food (£1,302), travel (£943) and socialising (£733) are the next largest outgoings, all seeing an increase from 2013.

Steve Pateman, Head of UK Banking at Santander, said: “Going to university is not cheap, especially for those studying in major cities, so students need to have a firm grasp of budgeting in order to make their money stretch as far as possible. As the cost of living increases students should make the most of student discounts and offers.”