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London is the most cost-effective city for university students according to research by NatWest into spending habits and how these costs are offset. Find more student money saving tips.
For the second year in a row, NatWest's seventh Student Living Index reveals York is the least cost-effective city.
The research analysed weekly expenditure including rent and living costs against earning from part-time work and this year showed London students earn an impressive £5,24 annually, equating to £167.48 a week. London students' hourly earnings are on average £9.91 compared to £6.52 in Dundee putting the Scottish city in second place even though these students work more.
"As well as being resourceful when it comes to taking on more part-time work, more students are working over the summer to bring in extra money rather than travelling," said Tom Adamson, NatWest Student Banking head.
"Taking these proactive steps to manage their finances is enabling them to continue to enjoy university life and prepare for their future."
The Index also revealed university choice is increasingly determined on cost with more than double the number of students basing their choice on this reason over academia. The ‘Bank of Mum and Dad' was found to be less generous in the last year with 28 percent of students receiving less from parents in what is a possible side effect of the recession.
Student rent on the other hand has continued to rise, increasing by an average of £312 every year explaining why average weekly expenditure has reduced at £185, down from £2 in 29.
"I am really surprised but as I am a student here it is good to hear," commented Oliver Levy, Brunel University undergraduate on London topping the list.
Compare Gadget Insurance
A recent survey by Endsleigh showed that of the £4, worth of possessions students take to University with them, £1,35 of it they carry around with them on their person on a daily basis.
This highlights the importance of students to compare gadget insurance before starting the new University year.
The moneymaxim gadget insurance comparison service lets you compare the following insurance products: Mobile Phones (including a specialist service for iPhone and Blackberry policies), Laptops, iPads, MP3s, iPods, Sat-Navs, DVD Players, Home Cinema Systems, Projectors, Flat Screen TVs, e-Readers, head-phones and more.