As prospective students across the country are getting ready to choose their University, LJMU has welcomed news that Liverpool is the 2nd most cost-effective city to live for students. Only Portsmouth ranks higher among university cities.
According to new research, on behalf of the Royal Bank of Scotland, Portsmouth, Liverpool and Newcastle respectively all landed in the top three in the Student Living Index. The research takes into account the everyday cost of living and accommodation costs.
The results show that Liverpool is cheaper than Belfast, York, Exeter, Nottingham and Belfast. Manchester ranks at number 11, while London comes in at 19th. On the list, Edinburgh is the least cost-effective city to study.
Commenting on the news, Lynne Condell, Manager of Money Advice Team at LJMU said:
"We have been saying for a long time that Liverpool is a very affordable student city and I am delighted to see that this research backs this up. Liverpool has a fantastic range of accommodation to suit all pockets, with no hidden costs and most accommodation within walking distance of where students will study. Liverpool also has lots of affordable cultural and social activities; these are all things that make Liverpool a great place to study and live.
"We know many students don’t plan ahead with their finances and then wonder why they run out of money before the end of term. With many students managing their money for the first time and this combined with getting paid termly it is not really a surprise. This is why LJMU offers lots of help for those that need guidance about student funding, budgeting or just general money management.
"I would say to anyone thinking of coming to study at University but worried about the cost, come and talk to us and we can help you plan ahead."
Among the research, it was found that students in Liverpool spend less on rent than most other students, paying an average of £10 less per week. Apart from accommodation, groceries were found to be the biggest expense – with the average student spending £19.78 a week. On average, students spend at least twice as much on their grocery shop as they do on any other single expense.
The report also suggested that almost 40 per cent of students don’t budget when it comes to managing their money. Of those who do budget, over a third are careful to stick to their budget and keep track of their spending. After student loans, money from parents and family is the largest source of income for students.
Read the full list of most cost effective universities here.