Record number of local students take on part-time work

4th Aug 2008

• 15,446 (64% of Belfasts student population) will be in part-time employment when the students start the 2008/9 academic year.
• A massive 34% of these working students say they have to work to pay their way through university, citing it would be too expensive without additional income
• In total, these hard-working Belfast students will expect to earn more than 47 million collectively

Ulster Bank student banking expert, Laura Wells, says: "Belfast has become more cost-effective for students relative to other major UK student cities - rising up 10 places from last year, in the league table of 26. For example, compared with Exeter which is bottom of the table, students who choose Belfast could theoretically be 2,016 better off over the course of one academic year . And with the high quality of universities in Belfast, the city is therefore still a very attractive proposition for students. However the overall picture of the survey is one of students in Belfast continuing to find life challenging when it comes to funding their time at university."

The research suggests that, in total, Belfast students will spend over 221m in housing and living costs over the coming academic year. The average Belfast student spends 262 per week on living and housing costs, but manages to offset these costs in part, with impressive weekly earnings of 102 from part-time work.

Ms Wells says that the cost of living and current economic climate was a key factor cited by 11% of Belfast undergraduates in determining their choice of university, one of the highest figures amongst the universities surveyed.

"Average expenditure on weekly rent by Belfast students has remained similar to last years' survey with many reporting weekly rent around 58 . In addition on average, Belfast students work 15 hours, just over the national average of 14 hours per week," she says.

Belfast students also reported higher than average expenditure on a range of essentials including 'day-to-day travel', 'transport for longer trips', 'books and course material', 'eating out' and 'laundry or dry cleaning'. These had all increased from expenditure reported by Belfast students last year from a weekly average of 193 in 2007 to 204 in 2008.

"Students are increasingly aware of the wider economic climate and this is filtering down into their decisions when they are choosing their university and also when deciding whether to take a part-time job during term-time. Our research shows that many Belfast students are taking a positive, proactive approach to managing finances by taking on part-time work," Ms Wells continues.

"We hope that the Ulster Bank Student Living Index is a useful tool for students and their parents to give a realistic idea of what costs are involved and how they can potentially be offset by a part time job. There are many things that students can do to combat higher costs of living, such as using MoneySense's online budget calculator.

"At Ulster Bank we believe in equipping students with the money management skills they need before they even get to university. Drawing up a budget can take ten minutes but will help you make the most of your money for the whole academic year. Getting to grips with all the costs of being financially independent is key to making the most of your money." Ms Wells adds.

Ulster Bank's student banking offering provides an interest-free overdraft of up to 2,000, a Maestro debit card, free foreign exchange*, mobile phone banking and free banking guidance tailored for students. In addition, students who open a bank account with Ulster Bank before October 10 will be automatically entered into a draw to win a 500 IKEA makeover complete with individual home style advice from an IKEA expert, as well as a market-leading current account package and discounts with leading retailers.