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