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A third of UK students 'spend £5,000' on university expenses

Abigail Fenton
·2-min read
(Mikael Kristenson/Unsplash)
Meanwhile, just over two in five (41%) said their items are worth between £1,000 and £5,000.. Photo: Mikael Kristenson/Unsplash

More than a third of UK students spend over £5,000 ($6,620) on “must-have” university items such as laptops, bikes and clothes, research suggests.

About 37% of UK university students valued the sum total of every item they need for university at more than £5,000, in to a survey of over 2,000 by UniDays alongside insurance company Urban Jungle.

Laptops, smartphones, bikes and clothing are among the “must-have” items for students, the survey found.

Over a fifth (21%) of students have items worth £5,000 to £10,000. However, a smaller 16% have spent over a massive £10,00.

Meanwhile, just over two in five (41%) said their items are worth between £1,000 and £5,000.

READ MORE: Quarter of UK students have had to 'sell possessions' to survive financially

The research “indicates that attending university is an expensive business” – especially during the COVID-19 pandemic, with students having to spend heavily on laptops for online lectures and bikes to avoid public transport, Urban Jungle said.

“Students haven’t been getting out much this year, but they are still spending money,” said Urban Jungle CEO Jimmy Williams.

“With lectures mostly being online, they’ve been spending money on top of the range laptops, while mobiles remain a must-have for all of us.

“There’s also been a big boom in cycling this year, as we all avoid public transport.”

While some students have big cash to splash, more than one in 10 (13%) valued their property at less than £1000.

READ MORE: Students could win financial compensation for lost teaching time during lockdown

Additionally, 9% said they “don't know” much their property is worth.

Williams added: “Not all students have cash to spare on expensive items –some are very hard up and will be concerned about a lack of job opportunities, poor prospects and debt.”

Meanwhile, less than a fifth (18%) of students protect their belongings with contents insurance, with over half (51%) not even knowing what it is.

Watch: Why tax rises may be inevitable in Britain