Student living costs have increased by five percent each year since 2004
August 25, 2011 Leave a comment
The student living costs have increased tremendously in the past years as a new research by Family Investments suggests. Since 2004, the costs of living have increased by five percent. The increase does not include the annual tuition fees, while these costs have risen considerably as well.
In just one year living costs have risen by £42 a month, meaning that students now spend £795 a month, compared to £752 last year. These figures add up to an annual living cost of £9,541 instead of £9,031. Since 2004, the monthly cost for living was around £561 but now the costs for students have risen overall by 34 percent.
The biggest single expense is the rent that students have to pay. On average, a student spends £163 a month for this. Compared to a year ago, the rents have risen just by £7. While students in 2004 had to plan on paying £44 a month for food, this cost has increased by 38 percent ranging around £44 a month.
The only decrease that has been reported in the research published, first by myfinances is the amount students spend on using a mobile phone. Compared to £23, students now have a number averagely around £19.62 on their monthly bill.
Living costs are forcasted to keep rising in the next years. The research made the prediction that students who start their degree in September have to consider spending around £11,253 a year on living costs by 2014, the year they will graduate.
photo: flickr/MC Quinn