Sixty eight per cent of UK students are working to help fund themselves through university, according to the new
Lloyds TSB Student Work survey conducted in association with independent student website, Push.
The survey of more than 1,000 UK students has found that one in three (34 per cent) students now work during term time, spending on average 13.9 hours a week at work. The findings reveal that students collectively earn around £4 billion a year.
Today's economic climate and the increase in living costs has contributed to more students having to work to help fund themselves through university, particularly if they are not living at home.
First year students typically work 15.9 hours a week; this is more than the number of hours they spend in lectures.
Unsurprisingly, the survey findings record a decline in the number of hours worked as students progress in their degrees. Students appear to be shifting the work-study balance as they prepare for their final year at university, with more hours spent studying and in lectures than in the workplace.
Students studying at universities in the South West region such as the University of Bath, Bristol and Exeter typically work the highest number of hours a week (15.4 hours) during term time, followed by those studying in London (14.8 hours) and Scotland (14.6 hours).
In comparison, students studying in Northern Ireland work the least number of hours (10 hours) during term time compared with other UK regions. Meanwhile, the average hours worked at some of the more remote universities are also lower.
The hourly rate typically earned by students during term time is £7.20 with weekly earnings averaging at £96.37. Interestingly, students earn more as they progress through university possibly because of the experience they have acquired.
Despite the reduction in the number of hours worked during the course of their degrees, the hourly rate and weekly earnings that UK students earn increases progressively each year they are a student.
Students in the South West receive the highest hourly rate and earnings a week, with £7.52 and £115.67 respectively; students in this region also work the longest hours.
In comparison, students in Wales earn the lowest hourly rate (£5.27) and weekly rate (£56.25). The survey has found the hourly rate earned by students increases by around 26 per cent from their first year at university to after three years.
Breakdown of UK students working during term time:
|
Year of study
|
Percentage of students working
|
Hours
Worked
|
Hourly rate
|
Weekly earnings
|
|
First year
|
35.7%
|
15.9
|
£6.50
|
£103.22
|
|
Second year
|
36.0%
|
13.1
|
£6.65
|
£87.21
|
|
Third year
|
28.9%
|
12.5
|
£7.39
|
£92.37
|
|
After three years
|
35.4%
|
13.4
|
£8.22
|
£110.43
|
|
National averages
|
34.2%
|
13.9
|
£7.20
|
£96.37
|
Lloyds TSB’s Top tips to help manage a work-study-student life balance:
• Money management - work out a realistic monthly budget to help manage your financial inflows and outflows, it may turn out you do not have to work as many hours or you can manage your finances by working through holidays rather than term time.
• Relevant work experience provides invaluable experience and will develop your CV. When applying for jobs look for something that is linked to your degree and will help your future job prospects.
• Check your tax code for tax-free allowances - the basic Personal Allowance, which is the amount of taxable income you're allowed to earn tax-free each year is currently £6,475.
• Work hard, study hard and play hard - you will be working for many years to come so don't forget to enjoy student life.
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