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Wednesday, 19 December 2012

Christmas Costs the Average Student £161

Students at university are planning to spend an average total of £161 on Christmas this year according to a recent survey by student money site savethestudent.org.

This is less than one-third of the national consumer average, as found by a poll for the Money Advice Service last month.

Still, 8 out of 10 students surveyed said they struggle to find the money but feel pushed to spend more than they can really afford during the festive period.

The typical student plans to buy gifts for 6 people, totaling an average of £108. 1 in 5 think they’ll spend over £200 on others, with 70% being spent on family members and the remainder on friends.

There is also a clear divide between the sexes. Female students tend to buy more presents for friends and spend 25% more than their male counterparts.

One female respondent is gearing up to spend a total of £400 on Christmas presents this year, £160 of that being on other students.

The seasonal spending doesn't stop there. Students are set to loosen their purse strings by an additional £53, putting £8.50 towards group Christmas dinners and the rest mostly on alcohol, decorations and travel. Less than half of students said that they budget for Christmas, with a quarter admitting to receiving additional money from parents.

Save the Student editor Jake Butler observed: “it’s not much of a surprise that students find money hard to come by at this time of year and more so than the general population. Student loans are running dry at a time when students feel the pressure to buy presents and attend countless Christmas parties.

Money saving ideas such as Secret Santa, joint Christmas dinners and homemade decorations are just a few of the ways that students have been resourceful this year in curbing overspending around the festive period. As always, I would encourage students to think carefully before spending large amounts of money, without being too much of a Scrooge!”.

Save the Student surveyed 810 current university students in December 2012.

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