Students feel the pinch and take measures to combat the credit crunch
Students gearing up for the first weeks of term are feeling the effects of the rising cost of living according to new research from Abbey Banking(1). A staggering 50 per cent plan to raise extra funds this term by selling possessions at sites such as ebay. This figure is in stark contrast to the general public, 22 per cent of who said they were considering selling possessions.
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The traditional mid-week socialising and drinking is likely to be on a smaller scale this year with 40 per cent of students planning on going out less while 34 per cent plan on eating out less.
Fourteen per cent of students are also taking on second jobs to help them whilst at college or university. A further five per cent were even considering taking the extreme step of volunteering as a medical research subject compared to just two per cent of the general population.
Over half (58 per cent) of students are buying fewer non-essential items such as CDs, DVDs and clothes, while nine per cent plan on using their car less. University union shops while a cheap source of food, may be worried about future trade with 32 per cent of students saying they plan on bringing a packed lunch to university rather than buying one whilst there.