New research from Student discount app Studentbeans has uncovered that more than 1 in 5 students (21%) work two jobs in addition to their studies.
The main reasons given were found to be ‘to fund shopping habits’ (42%), ‘to cover rent’ (39%) and ‘to save up to go travelling’ (34%).
Of those students who work part-time, a third of their wage goes towards shopping and nights out and a quarter goes towards groceries. What’s more, 1 in 4 (25%) students revealed that financial stress had previously made them consider quitting university.
The team at Studentbeans, the app exclusively for student discounts and offers, conducted the survey to find out more about students’ financial habits. They polled over 2,000 UK-based university students for the purpose of the study.
All respondents were initially asked how many, if any, paying jobs they currently had. From this it was found that more than a third (36%) had one part-time job and 1 in 5 (21%) were juggling two jobs. The average earnings for students working alongside their studies was revealed to be £350 per month.
Those who had two part-time jobs were asked why, and when provided with a list of answers and asked to state all that applied, the following emerged as the top five reasons:
- To fund shopping habits (e.g. clothing) – 42%
- To cover rent/bills – 39%
- To save up to go travelling – 34%
- For nights out – 31%
- For my car/travel – 27%
When next provided with a list of possible outgoings and asked to estimate how much of their wages went on those particular expenses each month, it was found that the average relevant respondent spends a third of their wages on nights out and shopping. A quarter goes towards groceries and a tenth goes towards rent.
Relevant participants were asked how much they had currently managed to save up to go travelling, with the average answer emerging as £550. Asked how much they needed, the majority (53%) said ‘more than £2,000’.
Next, those who had one or two part-time jobs were asked whether their work had ever negatively affected their studies, to which 72% admitted that this was the case.
Finally, all respondents were asked if financial stress had ever caused them to consider dropping out of university, to which 1 in 4 (25%) said ‘yes’.
Michael Eder, Founder of Studentbeans, said:
“Managing finances at university can be a challenge for everyone. Fees are high, loans are often not enough to cover rent or food and many will want to be going out to socialise. Keeping on top of all of this whilst also trying to save money to go travelling or pay for a car is incredibly difficult. It is worrying that so many students have to earn more than one wage just to get by; especially as so many have admitted that work negatively impacts their studies.
“Make sure to save where you can – you’d be surprised how many shops, restaurants and businesses offer student discounts. And do not be afraid to ask for help if you need it; university is meant to be a time to learn, make friends and have fun, not to be bogged down by financial concerns.”