Students contribute £245.8million to the local economy, it has been claimed. There are some 56,000 students at Coventry and Warwick universities and new research shows they spend on average £146.10 a week on items such as groceries, clothes, transport and rent before they pay their tuition fees, clearly demonstrating how they benefit the local economy.
Rent represents the biggest portion of students’ outgoings, accounting for almost half (48 per cent) of their weekly spend, according to Santander which surveyed 1,000 students. This is followed by groceries – which take up 16% of their budget – going out (10%) and transport (9%). When asked how their overall spending had changed since the previous academic year, 36% of students claimed that it had gone up, with rises in groceries, transport and rent the most commonly cited reasons for this increase.
Professor Nigel Thrift, vice-chancellor of University of Warwick, said:
This confirms just how much money is spent by students in the local economy but we should also acknowledge how much time students give to our local communities, helping out in schools, and community projects, and in raising money for good causes.