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Friday, 15 February 2013

Student Spending on Booze Falls Following Tuition Fee Hike

The introduction of £9,000 tuition fees just six months ago appears to have had a sobering effect on alcohol spend among university students.

According to a recent study by student money site Save the Student, first year students under the new student finance system are going out less each week (avg. 1.23 days) than final year students (avg. 1.57 days). With the opposite usually presumed to be true, this surprising comparison suggests that the higher cost of university is the underlying cause.

Spending on going out is down to an average of just £19 a week across all year groups. This is significantly lower in comparison to a similar study last year by the NUS which revealed that students tend to spend £28 a week on nights out.

Pre-drinking is becoming an increasingly popular method of saving money on a night out, with the survey finding that a third of a student’s budget for a night out spent before leaving the house on cheap bottles of alcohol.

Owen Burek, founder of Save the Student, comments:
"This news does not necessarily mean that students are drinking less, as it may be that the typical student is simply becoming more price sensitive to pennies spent at the bar. This shift is reflected with a growth in cheap drinks deals promoted at popular student bars and venues.

The cost of living and attending university has risen sharply in the past year, and it’s clear that students are responding to the pressures of having to save and budget."

It will be interesting to see if this trend continues in the coming years or whether this drop is a one-off reaction to the sudden tripling of tuition fees.

1 comment:

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